Opinion: We socialize bailouts. We should socialize successes, too

Professor Mariana Mazzucato (UCL Institute for Innovation & Public Purpose) reflects that the coronavirus pandemic is an opportunity for governments to spend more wisely to preserve public interests and create a more equal society. When the economy is in crisis, who do we turn to for help? Not corporations - it's governments. But when the economy is flourishing, we ignore governments and let corporations soak up the rewards. This was the story of the 2008 financial crisis. A similar story is unfolding today. Governments have spent trillions on stimulus packages without creating structures - like a citizens' dividend, which would reward public investment - that turn short-term remedies into the means for an inclusive, sustainable economy. This gets to the heart of what fuels inequality: We socialize risks but privatize rewards.