By Mariana Mazzucato
After the 2008 financial crisis, governments across the world injected over $3 trillion into the financial system. The goal was to unfreeze credit markets and get the global economy working again. But instead of supporting the real economy—the part that involves the production of actual goods and services—the bulk of the aid ended up in the financial sector. Governments bailed out the big investment banks that had directly contributed to the crisis, and when the economy got going again, it was those companies that reaped the rewards of the recovery. Taxpayers, for their part, were left with a global economy that was just as broken, unequal, and carbon-intensive as before. “Never let a good crisis go to waste,” goes a popular policymaking maxim. But that is exactly what happened.
Now, as countries are reeling from the COVID-19 pandemic and the resulting lockdowns, they must avoid making the same mistake. In
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