“A powerful argument, swept along by Katznelson’s robust prose and the imposing scholarship that lies behind it.”―Kevin Boyle, New York Times Book Review A work that “deeply reconceptualizes the New Deal and raises countless provocative questions” (David Kennedy), Fear Itself changes the ground rules for our understanding of this pivotal era in American history. Ira Katznelson examines the New Deal through the lens of a pervasive, almost existential fear that gripped a world defined by the collapse of capitalism and the rise of competing dictatorships, as well as a fear created by the ruinous racial divisions in American society. Katznelson argues that American democracy was both saved and distorted by a Faustian collaboration that guarded racial segregation as it built a new national state to manage capitalism and assert global power. Fear Itself charts the creation of the modern American state and “how a belief in the common good gave way to a central government dominated by interest-group politics and obsessed with national security” (Louis Menand, The New Yorker ). 24 illustrations

Award-winning economist Mariana Mazzucato’s famously incisive international bestseller debunking the pervasive myth of the inept state versus an innovative private sector—with a new preface by the author According to conventional wisdom, innovation is best left to the bold entrepreneurs of the private sector, and government should get out of the way. But what if that wasn't case? What if, from the inventions of Silicon Valley to medical breakthroughs, the public sector has actually been the most courageous and valuable risk-taker of all? Critically acclaimed and influential thinker and scholar Mariana Mazzucato argues comprehensively against the myth of a lumbering, bureaucratic state versus a dynamic, innovative private sector with remarkable original and deep research. In a series of case studies—from nanotechnology to the emerging green tech of today—Mazzucato reveals that the opposite is true: the private sector only finds the courage to invest after an entrepreneurial state has made the high-risk investments. The Entrepreneurial State reveals how every technology that makes the iPhone so “smart” was actually funded by the government—from the Internet and GPS technology, to touch-screen displays and voice-activated Siri. In the history of modern capitalism, the State has not only fixed market failures, but has also actively shaped and created markets. In doing so, it sometimes wins and sometimes fails. Yet by not admitting the State’s role in active risk taking, we've created an "innovation system" where the public sector socializes risks while privatizing reward, as Mazzucato controversially argues. This bold and provocative book considers how we adopted this dysfunctional dynamic, and then how we can overcome it so that economic growth can be not only "smart" but "inclusive" as well.