Evil Geniuses: The Unmaking of America

by Kurt Andersen

Most people don’t realize, for instance, that for more than a half-century, the U.S. government and its funding have been the indispensable investor in new U.S. technology, essential to the development of everything from solar-energy technologies to Tesla, and from computer touch screens to most of the most innovative pharmaceuticals. Instead, as the economist and innovation specialist Mariana Mazzucato explains, “the dominant view, which originated in the backlash against government in the 1980s, fundamentally affects how our government sees itself: hesitant, cautious, careful not to overstep in case it should be accused of crowding out innovation, or accused of favoritism, ‘picking winners.’ ” Moreover, the government-funded private winners get almost all the public credit and the profits, while the government takes financial losses and gets the political blame for the inevitable losers—in other words, Mazzucato writes, “risks in the innovation economy are socialized, while the rewards are privatized.”