"the book attempts to provide, as explained in its introduction, 'a much better understanding of how modern capitalism works—and why in key ways it now doesn’t.' Together, the essays provide a compelling argument that we need more coherent and deliberate strategic planning in tackling our economic problems, especially in finding more effective ways to reduce greenhouse-gas emissions. In particular, Mazzucato, who also co-edited the book and co-wrote an introduction with Michael Jacobs, wants to counter the view that free markets inevitably lead to desirable outcomes and that freer markets are always better: the faith that 'the ‘invisible hand’ of the market knows best.' In fact, she argues, we should admit that markets are created and shaped by government policies, including government support of innovation. There is nothing too contentious in that statement, but she extends the argument in a way that is controversial."

"Michael Jacobs and Mariana Mazzucato have gathered a wonderful collection of essays that offers both lessons to be learned from the Great Recession and potential paths for policy reforms to ensure that similar crises may be avoided. Written by academics, policymakers, and institutional researchers, each chapter brings a unique perspective to the problems facing the modern economy, and to ways such problems may be solved. [...] On the whole, this is a policy book. Those interested in teaching policy and in the application of theory to policy will find this book invaluable due to its broad scope and accessibly written content. To fight back against the proto-fascist policies of Donald Trump, those on the left need a policy platform that focuses on structuring institutions to counter the economic inequality and instability of neo-liberalism. While some may criticize the book as not being radical enough, the authors have developed a well-defined set of policies that would allow us to rethink capitalism in a way that makes it good."

"The central assumption of the book questions the neoclassical approach to the economic efficiency of markets in free and competitive environments (where the State plays a residual role that is restricted to intervention when market failure occurs) versus the heterodox approach, which sets the idea of the markets as social and political constructions (in which the State plays a central role as the leader of this construction). This reinterpretation of the relationship between markets and States will have, as its ultimate consequence, the necessity for a higher and deeper degree of public intervention. [...] In conclusion, the work of Mazzucato and Jacobs is an interesting contribution, which adds to the new wave of heterodox economists who are aiming to rethink the set of economic analyses and their prescriptions of economic policy. In particular, its contribution focuses on the need to relaunch Western capitalist economies through a decisive and comprehensive public intervention in different areas of economic
policy. However, although they make an accurate diagnosis of the main bottlenecks of these economies and of the limitations and contradictions of the economic fundamentals that sustain them, it is necessary to make a greater effort to develop a solid theoretical framework and the methodological instruments necessary to confront the current domain of the neoclassical proposals with an approach that is based on rigorous, quantitative and empirical evidence."

Ten chapters [...] all provide evidence for the inadequacies of orthodox economic theory, backed up with evidence on the failings of capitalism as it exists in western Europe and the USA, albeit generally focusing on one or two countries only. The individual chapters are less unified in the required extent or nature of necessary changes to that theory. Some seem content with a revival and development of Keynesian thinking, while others do not go beyond pointing to the inadequacies of existing orthodoxies. The more ambitious point to the need for an evolutionary-institutionalist alternative and argue for quite substantial changes in the state’s role in the economy."