Mariana Mazzucato, winner of the inaugural prize.
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Mariana Mazzucato wins the New Statesman SPERI prize for political economy

Mazzucato wins the inaugural prize for her work on the “entrepreneurial state” and innovation in the public sector.

Mariana Mazzucato, of the Science Policy Research Unit (SPRU) at the University of Sussex, has been awarded the inaugural New Statesman SPERI prize in political economy.

The prize was launched this year by the New Statesman magazine and the Sheffield Political Economy Research Institute (SPERI) at the University of Sheffield.

The Prize will be awarded biennially to the scholar who has succeeded most effectively in disseminating original and critical ideas in political economy to a wider public audience over the preceding two or three years.

The shortlist for the prize contained some of the most innovative and exciting thinkers in political economy working today. The nominees were: Ha-Joon Chang (University of Cambridge); Mariana Mazzucato (University of Sussex); Thomas Piketty (Paris School of Economics); Wolfgang Streeck (Max Planck Institute, Cologne); Anne Wren (Trinity College, Dublin); and Simon Wren-Lewis (University of Oxford).

The Prize Jury was Helen Lewis, Deputy Editor of the New Statesman; George Eaton, Political Editor of the New Statesman; Professor Tony Payne, Director of SPERI; Professor Andrew Gamble, Professor of Politics at the University of Cambridge and Chair of the International Advisory Board of SPERI; Sarah O’Connor, Economics Correspondent at the Financial Times; and Gavin Kelly, Chief Executive of The Resolution Foundation.

In their announcement of the shortlist, the jury said of the winner: “Mariana Mazzucato is a professor in the economics of innovation at the University of Sussex.  She is an accomplished broadcaster and writer, and her 2013 book The Entrepreneurial State contained a wealth of examples showing how the state – not just the private sector – could foster innovation.  The judges praised the originality of her thinking, her willingness to challenge the conventional wisdom and her capacity to take her arguments forward with gusto.”

Helen Lewis, Deputy Editor of the New Statesman, added: “Mariana Mazzucato is one of the most engaging and interesting thinkers currently working in the field of political economy. Her work on the entrepreneurial state and smart growth is required reading for anyone working in economic policy-making.”

Professor Tony Payne, Director of SPERI, noted: “Mariana Mazzucato is a fabulous first winner of this new Prize.  She fulfils the criteria that describe the prize to the letter.”

Professor Mazzucato said: “I am honoured and delighted to receive the New Statesman SPERI prize, especially given the high calibre of the shortlist.  I hope it will help focus attention on the urgent need to tackle rising inequality.  This is not just about tax: we need to fundamentally rethink how we talk about wealth creation. Ignoring the key role of the state – or the tax payer – in wealth creation has, in my view, been a lead cause of inequality, allowing some (hyped up) actors to reap a rate of return way beyond their actual contribution.  My Prize Lecture will focus on this dysfunctional dynamic – and what to do about it.”

Professor Mazzucato will deliver the New Statesman SPERI Prize Lecture at the Emmanuel Centre in London at 6.30pm on Thursday 13 November. Its title will be: “Smart growth: an innovative way to tackle inequality”. The lecture is free but places are limited and will be allocated on a first-come, first-served basis - please register here.

 

Notes for editors:

Mariana Mazzucato (PhD) holds the prestigious RM Phillips chair in the Economics of Innovation at SPRU in the University of Sussex. Previously she has held academic positions at the University of Denver, London Business School, Open University, and Bocconi University. Her research focuses on the relationship between financial markets, innovation, and economic growth--at the company, industry and national level. Between 2009-2012 she directed a large 3 year European Commission FP7 funded project on Finance and Innovation (FINNOV); her current project on Financing Innovation is funded by the Institute for New Economic Thinking (INET); and her project on Finance and Mission Oriented Investments is funded by the Ford Foundation's Reforming Global Financial Governance initiative. Her new book The Entrepreneurial State: debunking private vs. public sector myths (Anthem, 2013)--on the 2013 Books of the Year list of the Financial TimesForbes and the Huffington Post--focuses on the need to develop new frameworks to understand the role of the state in economic growth—and how to enable rewards from innovation to be just as ‘social’ as the risks taken. In 2013 the New Republic called her one of the '3 most important thinkers about innovation'. She advises the UK government and the EC on innovation-led growth. Her research outputs, media engagement, and talks (including her TED Global talk), can be found on her website.  

Photo: Getty
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Why there's never been a worse year to leave the EU than 2017

A series of elections will mean Britain's Brexit deal will be on the backburner until at least January 2018. 

So that's it. Theresa May has invoked Article 50, and begun Britain’s formal exit from the European Union.

Britain and the EU27 have two years to make a deal or Britain will crash out without a deal. There are two ways out of that – firstly, it's possible that Britain could withdraw its invocation of Article 50, though the European Court of Justice has yet to rule on whether Article 50 is reversible or not. 

But if the government reaches the end of the two-year window, the timetable can only be extended with the unanimous agreement of not only the heads of the 27 other member states of the European Union, but the United Kingdom as well. Although both sides would suffer economic damage from an unplanned exit, no-one has done particularly well betting on economic self-interest as far as either Britain or the European Union in general is concerned, let alone when the two’s relationship with another is the subject.

For May in particular, the politics of extending the timetable are fraught. Downing Street wants Brexit done and dusted by 2019 to prevent it becoming a destabilising issue in the 2020 election, and in any case, any extension would provoke ructions in the Conservative Party and the pro-Brexit press.

But the chances that the EU27 and the UK will not come to an agreement at all, particularly by March 2019, are high. Why? In a stroke of misfortune for Britain, 2017 is very probably the worst year in decades to try to leave the European Union. Not just because of the various threats outside the bloc – the election of Donald Trump and the growing assertiveness of Russia – but because of the electoral turmoil inside of it.

May will trigger Article 50 at exactly the time that the French political class turns inward completely in the race to pick François Hollande’s successor as President enters its final stretch. Although a new president will be elected by 7 May, politics in that country will then turn to legislative elections in June. That will be particularly acute if, as now looks likely, Emmanuel Macron wins the presidency, as the French Left will be in an advanced state of if not collapse, at least profound transformation. (If, as is possible but not likely, Marine Le Pen is elected President, then that will also throw Britain's Brexit renegotiations off course but that won't matter as much as the European Union will probably collapse.) 

That the Dutch elections saw a better showing for Mark Rutte's Liberals means that he will go into Brexit talks knowing that he will be Prime Minister for the foreseeable future, but Rutte and the Netherlands, close allies of the United Kingdom, will be preoccupied by coalition negotiations, potentially for much of the year.

By the time the new President and the new legislative assembly are in place in France, Germany will enter election mode as Angela Merkel seeks re-election. Although the candidacy of Martin Schulz has transformed the centre-left SPD's poll rating, it has failed to dent Merkel's centre-right CDU/CSU bloc significantly and she is still in the box seat to finish first, albeit by a narrow margin. Neither Merkel's Christian Democrats or Schulz's Social Democrats, are keen to continue their increasingly acrimonious coalition, but it still looks likely that there will be no other viable coalition. That means there will be a prolonged and acrimonious period of negotiations before a new governing coalition emerges.

All of which makes it likely that Article 50 discussions will not begin in earnest before January 2018 at the earliest, almost halfway through the time allotted for Britain’s exit talks. And that could be further delayed if either the Italian elections or the Italian banking sector causes a political crisis in the Eurozone.

All of which means that May's chances of a good Brexit deal are significantly smaller than they would be had she waited until after the German elections to trigger Article 50. 

Stephen Bush is special correspondent at the New Statesman. His daily briefing, Morning Call, provides a quick and essential guide to British politics.