IIPP Director Mariana Mazzucato speaks on new book about the concept of value, with audience Q&A chaired by Paul Mason.
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UCL Institute for Innovation and Public Purpose
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Who really creates wealth in our world? And how do we decide the value of what they do? At the heart of today's financial and economic crisis is a problem hiding in plain sight.

In modern capitalism, value-extraction is rewarded more highly than value-creation: the productive process that drives a healthy economy and society. From companies driven solely to maximize shareholder value to astronomically high prices of medicines justified through big pharma's 'value pricing', we misidentify taking with making, and have lost sight of what value really means. Once a central plank of economic thought, this concept of value - what it is, why it matters to us - is simply no longer discussed.

Yet, argues Mariana Mazzucato in her penetrating and passionate new book The Value of Everything, if we are to reform capitalism - radically to transform an increasingly sick system rather than continue feeding it - we urgently need to rethink where wealth comes from. Which activities create it, which extract it, which destroy it? Answers to these questions are key if we want to replace the current parasitic system with a type of capitalism that is more sustainable, more symbiotic - that works for us all. The Value of Everything reignites a long-needed debate about the kind of world we really want to live in.

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Rethinking Public Value and Public Purpose in 21st Century Capitalism is a lecture series presented by UCL’s new Institute for Innovation and Public Purpose in collaboration with the British Library.
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Featuring luminaries from the worlds of arts, economics, architecture and design and policymaking, it considers the role of the public sector in today’s capitalist world and asks what partnerships are needed to address societal and technological challenges? How can public spaces be designed to create more democratic participation and new forms of learning and exploration? Does public necessarily mean free? Can the digital revolution create a new type of public realm?
Speakers include Richard Rogers, Stephanie Kelton, Jayati Ghosh, Lucy Musgrave and Mariana Mazzucato.

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