Renowned economist Mariana Mazzucato has garnered widespread acclaim for her work on the concept of the "Entrepreneurial state," where she argues that the state plays a critical role in driving innovation.
In contrast, Mazzucato's vision of the entrepreneurial state is one that prioritizes politically appealing ventures, regardless of profitability.
While Mazzucato's work has sparked significant debate, many of her critics have failed to recognize the full extent to which political incentives hamper the state's entrepreneurial potential.
The case of Singapore is frequently cited as an example of an entrepreneurial state, but researchers suggest that government-led entrepreneurship there has stifled homegrown innovation.
Despite Singapore's strong government policies, the economy relies heavily on multinational corporations for innovation, challenging the idea that an entrepreneurial state can cultivate a truly entrepreneurial society.
The shortcomings of the entrepreneurial state become even more evident when examining the performance of green energy initiatives in greater detail.
The realities of political decision-making reveal the entrepreneurial state as more of a theoretical construct than a practical one.
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