On 5 October, the Rafael del Pino Foundation organised the Conference on Mariana Mazzucato «The Common Good», to mark the publication of her latest book of the same title, published by Taurus. Following the lecture, Professor Mazzucato spoke with Borja Santos.
Mariana Mazzucato She is a professor of Economics of Innovation and Public Value at University College London, where she is the founding director of the UCL Institute for Innovation and Public Purpose. Her work challenges orthodox thinking on the role of the state and the private sector in driving innovation; how economic value is created, measured and shared; and how policies can be designed to shape the market in a «mission-oriented» way to tackle the major challenges facing humanity. She has been honoured with international awards, including the 2020 John von Neumann Prize and the 2018 Leontief Prize for pushing the boundaries of economic thought.
Borja Santos Porras He is Associate Dean and a lecturer at the IE School of Politics, Economics & Global Affairs at IE University. An expert in public policy, international development and global affairs, he has worked with organisations such as the World Bank, the Inter-American Development Bank and the United Nations. He holds a Master’s in Public Administration in International Development from the Harvard Kennedy School and is a PhD candidate at the Complutense University of Madrid.
Summary:
On 5 October 2026, the Rafael del Pino Foundation organised the conference on Mariana Mazzucatoentitled «Common good», to mark the publication in Spain of his latest book, Common good, published by Taurus.
During the meeting, Mazzucato addressed the need to rethink the relationship between the state, businesses and society in order to steer the economy towards shared objectives. In contrast to a view of public intervention focused exclusively on correcting market failures, she advocated a model in which the public sector actively contributes to shaping markets and setting the direction of economic growth.
One of the key concepts in his speech was that of pre-distribution. Mazzucato pointed out that redistribution through the tax system remains necessary, but she argued that it is also important to take action at the very moment value is generated. This involves, amongst other things, establishing more balanced relationships between the public and private sectors, giving due recognition to the contribution of workers, and putting in place mechanisms to share both the risks and the benefits where public investment is involved. Pasted text
From correcting markets to steering the economy
Mazzucato contrasted industrial policies focused on specific sectors or technologies with a mission-based approach. In his view, governments should not confine themselves to selecting sectors deemed strategic, but should instead identify major challenges — such as housing, water, the green transition or the digital divide — and rally businesses, public authorities and other stakeholders willing to contribute to their resolution around these issues.
The economist summed up this idea with a formula: it is not so much a question of “picking winners” as well as “picking the willing”, that is to say, working with those who are willing to collaborate in tackling major collective challenges. This approach also requires access to patient capital and the development of public capacities capable of coordinating different sectors and levels of government. Pasted text
The importance of the local level and co-creation
With regard to the practical implementation of these missions, Mazzucato emphasised the importance of the local level as a space for experimentation and learning. Cities enable public authorities, businesses, communities and financial actors to come together to tackle specific problems, build new institutional capacities and subsequently transfer those experiences to other levels of government. Pasted text
This perspective is closely linked to another key aspect of his proposal: the co-creation. For Mazzucato, designing better public policies requires listening to those who are directly affected by the problems and involving them in finding solutions. The lack of such involvement, in her view, helps to explain the growing mistrust of institutions. Pasted text
The lecturer also highlighted Spanish initiatives such as the co-operative movement and specifically mentioned the case of Mondragón as an example of a concept of value in which workers and other stakeholders play a more direct role in its creation. From this perspective, the concept of stakeholder value It should not merely distribute profits once they have been generated, but should become part of the value creation process itself. Pasted text
Artificial intelligence: innovation, leadership and purpose
A significant part of the discussion was devoted to the artificial intelligence and the digital economy. Mazzucato highlighted the role that public research has historically played in the development of key technologies and warned of the growing concentration of talent and resources within a small number of large technology companies.
Faced with a technological race focused exclusively on developing ever-larger models, he raised a question that he considers essential: “AI for what?”. In his view, artificial intelligence should be directed towards specific problems relating to areas such as biodiversity, water and health, whilst also taking into account the energy and environmental costs associated with its development. Pasted text
An economy for the common good
Mazzucato also explained what sets her proposal apart from other approaches to the common good. Her approach begins by challenging the idea that markets function correctly by nature and that the state should only intervene when a market failure occurs. In contrast to the market manipulation, defended the market shaping: the ability of public institutions, together with the private sector and civil society, to shape markets that are, from the outset, geared towards specific economic and social objectives. Pasted text
The meeting concluded with a discussion on patents and incentives for innovation. Mazzucato defended the role of patents, but warned of the problems that arise when they are excessively broad, difficult to licence, or used strategically to prevent other innovators from entering the market. In her view, sound governance of intellectual property is essential for reconciling private incentives with the dissemination of knowledge and innovation.
The Rafael del Pino Foundation is not responsible for the comments, opinions or statements made by the people who participate in its activities and which are expressed as a result of their inalienable right to freedom of expression and under their sole responsibility. The contents included in the summary of this conference are the result of the debates held at the meeting held for this purpose at the Foundation and are the responsibility of their authors.
The Rafael del Pino Foundation is not responsible for any comments, opinions or statements made by third parties. In this respect, the FRP is not obliged to monitor the views expressed by such third parties who participate in its activities and which are expressed as a result of their inalienable right to freedom of expression and under their own responsibility. The contents included in the summary of this conference are the result of the discussions that took place during the conference organised for this purpose at the Foundation and are the sole responsibility of its authors.
