Mission-led industrial policy

Mariana Mazzucato writes in Finance & Development:

In the past, governments that pursued industrial policies attempted to build national champions by picking winners from among sectors or technologies, often with mixed results. Modern industrial strategy should be different. Instead of picking winners, it should “pick the willing” by setting clear missions—such as solving the climate crisis or strengthening pandemic preparedness—and then shaping economies and markets to accomplish them.

Read more here.