How Capitalism WASTES Billions: Mariana Mazzucato's Tour De Force

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  • čas přidán 5. 06. 2024
  • Professor Mariana Mazzucato is one of the world's most exciting economic thinkers, and her new book - THE BIG CON - exposes how consultancy firms are eating up billions upon billions of pounds. You won't think of our economic system the same way again.
    Please like, subscribe - and help us take on the right-wing media here: / owenjones84

Komentáře • 268

  • @OwenJonesTalks
    @OwenJonesTalks  Před rokem +7

    Please like, subscribe - and help us take on the right-wing media here: www.patreon.com/owenjones84

    • @delmawarden8204
      @delmawarden8204 Před rokem

      An amazingly lucid analysis, thank you.

    • @peterbelanger4094
      @peterbelanger4094 Před rokem

      lefty pos

    • @thewindowsmaaane
      @thewindowsmaaane Před rokem +1

      Please give this a more suitable title rather than your cheap political shot at "capitalism" this woman is very intelligent and deserves to be heard.

    • @reverendbluejeans1748
      @reverendbluejeans1748 Před 11 měsíci

      Before I watch your video. I view on capitalism is government controlled capitalism. In a truly free market, the wasteful would be weeded out due to natural selection.

    • @reverendbluejeans1748
      @reverendbluejeans1748 Před 11 měsíci

      Aa I thought. I am going to bed now.

  • @2ndviolin
    @2ndviolin Před rokem +12

    Someone once said, "The first task of a consultant is to discover what conclusion the client wants him to reach".

  • @cyclonasaurusrex1525
    @cyclonasaurusrex1525 Před rokem +67

    Oh, and Owen, thank you for staying out of the way. Too many interviewers interrupt. Shows you care and trust us.

    • @TrentRidley
      @TrentRidley Před rokem +4

      I think far too often interviewers have an agenda and interrupt their guest in order to keep the conversation heading in the direction of said agenda.

    • @perrymason866
      @perrymason866 Před rokem

      @@TrentRidley absolutely! Watched an interview with Just Stop Oil from Piers Morgan and it was just insane how much of a mouthpiece of agenda that man is. He’s a disgrace and I shouldn’t have bothered even watching his drivel but there you go.

  • @oystercatcher943
    @oystercatcher943 Před rokem +130

    Can’t wait to read this book. I’ve always believed outsourcing of government knowledge is so dangerous. I worked as a civil servant in research and the whole organisation was spun out of government causing huge loss of in-house expertise and huge profits for private companies

    • @LizbetNene
      @LizbetNene Před rokem +7

      There's that Bertrand Russel quote, "Democracy is the process by which people choose the man who'll get the blame." Seems like outsourcing responsibility is a big motivator.

    • @pablisimo666
      @pablisimo666 Před rokem +6

      Some politicians see success and immediately think, how can me and my mates make money out of this.

    • @pauljohnson4948
      @pauljohnson4948 Před rokem +6

      This has been the Business model for government for over 50 years

    • @Skylark_Jones
      @Skylark_Jones Před rokem +6

      The problem is convincing this infantile government. Academics like Mariana make a lot of sense, but is the government listening? I think not. They're too busy deregulating privatising rolling back the state and making their rich donors even richer.

    • @Skylark_Jones
      @Skylark_Jones Před rokem

      @@pablisimo666 🤣🤣🤣 So damn true, certainly with this government. When will it be at an end? 😕

  • @binkyja1
    @binkyja1 Před rokem +46

    As someone who left the private sector for the public sector, I find the payments that we make to private industry and consultants to be an absolute waste of tax payer money. The NHS is used as a cash cow for the private sector, when I know with the correct investment it can work faster, better, cheaper every day and twice on a Sunday.

    • @999timepass
      @999timepass Před rokem

      Yes. Over 9bn wasted on IT systems

    • @villhelm
      @villhelm Před rokem +2

      As someone who earns their own money by their own sweat, I think paying taxes to corrupt and out of touch government bodies a total waste of time.

    • @binkyja1
      @binkyja1 Před rokem +7

      @@villhelm That’s a nice thought and I totally agree that it’s hard to pay taxes when all you see are politicians wasting money. However, I think people need to be reminded that we all need to pay taxes, because no one makes money in a vacuum. Unless you’re on an island, to leave your house you have to use a part of your local or national infrastructure. Given that, rich people who have passive income should be charged premiums, as they and there businesses use all of those things more than we do. When I say “rich” I mean upward of £10MM a year in passive income that pays tax at 20% and no National Insurance. It’s weird it almost seems like the tax system rewards non-workers.

    • @ChannelMath
      @ChannelMath Před rokem +1

      @@binkyja1 It's not so weird when you consider who funds political campaigns

    • @ChannelMath
      @ChannelMath Před rokem

      @@villhelm I agree, although you can't really separate what "I earned" from all the other contingencies and actions of others in our interconnected society. Not without a lot of ideology, anyway.

  • @cyclonasaurusrex1525
    @cyclonasaurusrex1525 Před rokem +57

    Listening to people like the two of you gives me hope. But then I remember the reality of government and economy today, and I return to hopelessness.

    • @Padraigp
      @Padraigp Před rokem +1

      As robert anton wilson once said. Relaity is what you can get away with.

    • @adrianflower3230
      @adrianflower3230 Před rokem +4

      We can change the reality, it just needs collective will Try Garys Economics for an example.

    • @cyclonasaurusrex1525
      @cyclonasaurusrex1525 Před rokem +3

      @@adrianflower3230Oh, I watch Gary too. Same feeling. The problem is that the rational people aren’t in charge. The crazies are.

    • @beegnutz
      @beegnutz Před rokem

      All I can do is continue to expand my food growing knowledge and consider moving to Ireland.

    • @vhawk1951kl
      @vhawk1951kl Před rokem

      hopelessness probably the best idea given that hope or hoping is a form of dreaming. That you hope mechanically choicelessly, not so interesting while*How* you hope is worthy of study.

  • @simongoodwin926
    @simongoodwin926 Před rokem +4

    Management Consultants are a key pillar of how our economy was destroyed and poisoned. I could barely maintain professionalism when KPMG came into our NHS hospital. What do they know about nursing and patient care, there are 3 letters that put together are a common abbreviation for nothing.

  • @chrisdunderdale
    @chrisdunderdale Před rokem +33

    As someone who works in the public sector, her analysis on the situation is bang on.

  • @esprit853okg
    @esprit853okg Před rokem +6

    Brilliant! Many thanks for this, Owen. I'm disgusted by the total lack of vision of Government. Mariana talks so much sense. A true breath of fresh air!

  • @mpal219
    @mpal219 Před rokem +20

    I enjoyed this conversation immensely. I will add that the public and the media make it difficult to make mission-based investments because there is an expectation that everything needs to work in the short term/within a news cycle. Investments require time, patience, and trial and error.

    • @IshtarNike
      @IshtarNike Před rokem +2

      This is part of why China is thriving (relatively). Even if it's for bad reasons they have a government that is not beholden to the press or fickle public opinion. Of course governments should be accountable to people, but there should be a way of stopping the sound bite culture where everything has to be shiny and short term because it destroys long term investment and makes true innovation almost impossible due to fear of failure.

  • @John-se7rc
    @John-se7rc Před rokem +9

    Put all politicians on the minimum wage for the next 10 years and see how quickly they will solve the cost of living crisis. As long as they are allowed to milk taxpayers for millions of pounds, they won't do a bloody thing about it.

  • @Alister222222
    @Alister222222 Před rokem +14

    On the topic of entire industries that just shouldn't exist, add the US health insurance industry. Imagine all the money they US could save by abolishing it like other civilized countries have managed. Just imagine if the billions and billions wasted on needless predatory companies was instead spent on public health. What a different country the US would be.

    • @ince55ant
      @ince55ant Před rokem +3

      the US has the most expensive healthcare system of the world.
      along with lowering life expectancy and relatively high infant mortilty rates

  • @BritishRosie-es3zr
    @BritishRosie-es3zr Před rokem +49

    A few years ago, someone I was working with confessed that they weren't a direct employee and that they were actually working as a consultant. I asked why they would risk something like that when they weren't guaranteed day to day employment and they laughed out loud. "Because the government are happy to pay me £500 a day that's why" To put that in context I was earning about £50 a day at the time as a civil servant.

    • @davidalexanderlourie4371
      @davidalexanderlourie4371 Před rokem +3

      So how does government so radically alter its ceiling on what it is prepared to pay. Then you have to look at Treasury, what changes have occurred within Treasury in terms of the backgrounds of staff and the selection and vetting processes to bring in such a radically different ideology. Also to examine to what extent revolving doors operate between consultancy firms and the public service. Is reforming the management structures and reducing staffing levels of the public service to force governments into contracting core services to consultants, has the Act of performing these reforms an opportunity to determine a high paying career path for public servants in preparation for moving out of the public sector and into the private sector.
      A retreating army will destroy anything that may be useful for its adversaries before and during its retreat. We should be honest about the intensity of ideological warfare conducted by neocons and neoliberals towards all and any state institutions. They want to see the complete demolition of the state and have all the basic requirements for living owned and operated by private enterprise and leave enough of the state operating to be their proxy revenue collection agency that they still control through consultancy firms.

    • @romeisfallingagain
      @romeisfallingagain Před rokem

      @@davidalexanderlourie4371 what you dont understand is that the system is THEIR game. all these people want to play and change a game they have no control over. the UK GOVERNMENT is a corporation. you would think people would know this, but they dont. you are following a pied piper. keeping you busy whilst the corporation robs us all

    • @therealrobertbirchall
      @therealrobertbirchall Před rokem +2

      I confes to having been a health and safety consultant. The money was fantastic, but I had none of the pwers of an HSE inspector and could be replaced at a moment notice for not towing the company line. Example I had to send a lorry driver off a major construction contract for floting minor safety regs. However, om my section there was a welder who just refused to observe regulations that slowed hidps work down he was on piece rate. The senior site magager kept him on' against my recommendation because welders were in very short supply.

    • @antonymossop3135
      @antonymossop3135 Před rokem +1

      @@therealrobertbirchall In the case of the welder, and in the rare circumstance of a properly functioning company/corporation - you kick that one upstairs. The company is giving an incentive, in the contract, for the welder to shift the risk/reward tradeoff to one that matches their personal judgment, not that of the employer. Incentives should align with policy and rules. The inherent conflict needs to be flagged and passed up the decision chain, so this can be rectified and replicated elsewhere (I know, I know... that's not a reflection of reality, but... it'd be nice if things worked like that).

    • @therealrobertbirchall
      @therealrobertbirchall Před rokem +1

      @Antony Mossop with respect, that's the sort of waffle I have heard from so many college trained 'managers' who don't ken the difference between an earth and an electrode holder. It means nothing whatsoever the real world.

  • @charleswindsor1184
    @charleswindsor1184 Před rokem +3

    Best one yet Owen
    She'll be one of my top advisors when I'm PM.

  • @moragmckay3779
    @moragmckay3779 Před rokem +12

    A relative was working at mid-level in a Government organisation overseeing, organising and assessing the ongoing results of a training programme they had implemented. It was decided the system, which had a couple of minor operative weaknesses she had pointed out, should be made more efficient. After a hugely expensive input from a consultancy team, the whole system was overhauled. My relative, whose role involved the actually carrying out of the practicalities of the programme (assigning trainees, collecting data and collating assessments) told her boss the new system wouldn't work and why (due to several serious flaws, including missed steps leaving gaps in its running process andother aspects which directly interfered with one and other).
    It was a shambles for over a year, damaging the training and assessment of many people terribly let down by the new system. Her boss asked her to tinker with it as and when various problems she'd predicted became irrefutable. She tried to do this but patching the system was never going to create the cohesive system required for the assessment results to be trustworthy, or even have any meaning, or the system to run smoothly. It just caused more chaos because no-one caught up in the new system understood it, including her boss (on nearly twice her salary) who kept asking her to do much of his work too because he was at a loss how to navigate the problems. She offered to overhaul the system again, which would have been less work than trying to explain constantly to everyone how to get around the problems caused by the faulty one. No. Millions had been spent on the consultation, so they HAD to make the system it had created work, even though it had shown total lack of understanding of the practicalities of what they did, created complex, time-consuming methods of carrying out a simple task previously achievable in a third of the time and left trainees without places, or not properly assessed (meaning they gained nothing from months of work), or having to restart flawed courses the following year.
    She left.

    • @therealrobertbirchall
      @therealrobertbirchall Před rokem +1

      The manager of my local leisure center, run by our local council through an arms length charitable Trust, tells me that his bosses edit can not change the swimming pool opening hours without consulting a 'consultant'. Well, what do we pay your manager for? 'He's just there to take the rap if it all goes wrong' was the center manager's reply.

    • @gowdsake7103
      @gowdsake7103 Před rokem +1

      The vast majority of training programs are a waste of time as well. Ran by people who have never worked at the task

    • @anakissedboyle3067
      @anakissedboyle3067 Před rokem

      Can you say the company ? Not here but somewhere. It’s really important these people do get seen. We need people like your niece. Or you to get those names out. We have nothing else protect us other than Mazzacato

    • @nunyabidness3075
      @nunyabidness3075 Před rokem +1

      Yep, I’ve had similar experiences, as has my wife, in corporate America. There is no big reward for doing things without wasting huge bucks on consulting or other expensive vendors. At the same time, there are rewards for doing so.
      Consequently, you are seen as being foolish by other managers for saving the company money and doing the job with existing resources. That’s what the “little people” are supposed to do.

  • @gillscorner794
    @gillscorner794 Před rokem +10

    The big consultancies remind me of the apprentice TV show, people with no expertise or wisdom being encouraged to rinse a profit out of any situation, embarrassing to watch as a TV show, soul destroying to watch it destroying our society

  • @paulgammidge-jefferson9536

    Superb. Mariana should be in government. Such plain, no frills points made with absolute clarity.

  • @Robloxer-198
    @Robloxer-198 Před rokem +3

    In his brilliant 1973 book "Small is Beautiful" economist E.F. Schumacher proposed 4 questions that must be addressed as a baseline for approval of any large, cost-intensive projects (especially public sector projects):
    His premise: Humanity / Poverty must be addressed first and foremost because the rich, on the whole, can look after themselves.
    1. What is its relevance to human poverty? Does it serve the poorest among us?
    2. What is its relevance to the mental and spiritual health of mankind? Does it make us crazy either as a user or the consequences of using it? We must seek to reduce or eliminate demeaning, degrading work.
    3. What does it do to living nature around us?
    4. What is its relevance to energy and/or impact on non-renewable raw materials and associated problems?
    After 50 years Professor Mazzucato ("one of the world's most exciting economic thinkers") is at least tabling these questions and I sincerely wish that we can move her exciting economic thinking to actual project deliverables.
    Exciting thinking it is after 40 odd years of Thatcherite greedonomics, but it is hardly new thinking.
    PS: Nice too to hear some passing references to leadership and accountability.
    Would be lovely if they too made a comeback. Heaven knows we've tried everything else.
    Recommended reading:
    "Small is Beautiful" - EF Schumacher
    "J is for Junk Economics" - Michael Hudson

  • @LizbetNene
    @LizbetNene Před rokem +24

    Really looking forward to reading this book. The idea that neoliberalism makes government less attractive to genuinely capable people clicks so much into place about the state of politics these days. Of course the job of being a glorified babysitter for the market isn't attracting people with any sort of vision.

    • @BigHenFor
      @BigHenFor Před rokem +4

      Oh, that phrase "a glorified babysitter for the Market" is so true. Absolutely. If governments focussed on being the adult in the room, developing it's own knowledge, skills, and capability, rather than indulging the fantasies and obsessions of the asset-rich, electorates would get better government at a lower cost. Instead we have a masochistic and parasitic relationship with the consulting industry that prevents realistic and grounded governance, and who have conflicts of interest based in serving the asset-rich who want to neuter governments.

    • @tbex613
      @tbex613 Před rokem +2

      And a BAD babysitter at that (the kind of babysitter who invites their friends over to party and forgets about the kid upstairs) 😅

    • @johnsparklingrocket2361
      @johnsparklingrocket2361 Před rokem

      @@tbex613 More like shaking the baby!

  • @thefirm4606
    @thefirm4606 Před rokem +18

    Love Mariana and the work she does ❤

    • @iamjurell
      @iamjurell Před rokem

      How much do you pay for it, on average?

  • @jim-es8qk
    @jim-es8qk Před rokem +13

    Capitalists of the past used to build houses and communities with the profits they made. Cadbury is an example, they had a social conscious. Perhaps companies need to think like this again.

    • @Padraigp
      @Padraigp Před rokem

      Totally. Even the rich estates built housing for their staff. Big companies like micorsoft are building housing but its extremely expensive and driving housing orices up so im not sure that that wirks any more.

    • @joshuaking2171
      @joshuaking2171 Před rokem

      He was a Quaker

  • @timflatus
    @timflatus Před rokem +3

    Thanks for this Owen. I'm not great with economics, it's a bit of a pseudoscience to me. As a creator I'm aware that the BBC's reputation for quality is directly attributable to its lack of commercials. That alone proves the lie that "the free market will balance itself out and promote excellence" - it doesn't, that economic model produces mediocrity and pushes more people into poverty. We know that the PPE scandal was just the tip of a massive swindle. It's great to have someone like Mazzucato who can drill down on the details and expose its workings.

  • @johnrider5701
    @johnrider5701 Před rokem +5

    Looking forward to reading it.

  • @odradekk
    @odradekk Před rokem +5

    One of the best economical policies mind of our time. Makes me proud to be Italian.

    • @ObakuZenCenter
      @ObakuZenCenter Před rokem

      She's American.

    • @iamjurell
      @iamjurell Před rokem

      @@ObakuZenCenter And hasn't enacted an awful lot of policies

  • @ladyliberty417
    @ladyliberty417 Před rokem +4

    Thank you for having her on with you Owen, she’s awesome!

  • @henryaxe1
    @henryaxe1 Před rokem +8

    My niece worked for that mob who had the tracking contract from the government. She sat on her computer at home, had nothing, literally nothing to do all day except for check into meetings and got paid £35k! She stopped after a short while because she was disgusted with her job.

  • @myneighbourjohnturturro
    @myneighbourjohnturturro Před rokem +6

    I bought Mariana’s book because Dominic Cummings told me to. It is a book that requires us to think/act out of our boring boxes. Thanks for getting M on, Owen.

    • @vhawk1951kl
      @vhawk1951kl Před rokem

      But there is no such thing as capitalism unless you suppose there to be such things as foxes-eat-rabbits_ism, or when- it -rains- the- pavements get wet_ism.
      The fantastic(stuff of fantasy) belief that there is such a thing as capital_ism, is a *religious* belief , religion being any set of related*unquestioned beliefs assumptions presumptions preconceptions and norms( those likes and dislikes that men(human beings) call morals or morality). whatever is being described as capitalism(and that seems a bit hazy) I very much doubt if it is systematic or theory based or any more any kind of *ism* that foxes-eat-rabbits or when- it- rains- the- pavements- get- wet are *isms*, systematic or theory based.
      The religious loons that bleat about what they call capitalism can never define it without resort to examples and descriptions and circularity; they seem to use the term as a cognate or synonym of sin sinful or sinfulness and where there is talk of either you have religion or that religious mumbo jumbo that is called morals or morality.

  • @PetaloudesTouYialou
    @PetaloudesTouYialou Před rokem +9

    Brilliant guest. I've watched her media rounds. She's always so impressive. 👍

  • @stewartjones2173
    @stewartjones2173 Před rokem +8

    Thatcher had the right idea - marry a millionaire who made his money in the oil industry. No wonder she was so withering about travelling by bus.
    "There is no such thing as Society." (?) Yes she did say that check out her interview for Woman's Own magazine. Google it.

    • @wayneford2481
      @wayneford2481 Před rokem

      Thacher background a corner shop where do you think open all hours came from ( doggee deals and miss selling ) she sold off as much of this counrtys assets as she could to mates and doners and profits not going to the country. Once you sell somthing you have no control like sewerage into our rivers , Like masive profits from north sea oil going to wealthy shearholders not to our country.

  • @algernoncalydon3430
    @algernoncalydon3430 Před rokem +6

    Something I've seen first hand is a school district which used to employ people who could write grants, now employs people based on the new HR standard, which is skills are not important, but fitting in to the culture of the workplace is the most important hiring consideration. Then they end up with a lot of management people who can't do their jobs. After a few years of declining budgets sue to less grants coming in they turn to the one alternative that works, consultants. Much easier to hire a consultant, for not only can they write the grants and know their job, since the more grants they write the more they make, but if anything goes wrong, the management of the district can tell the board, it was the consultant's fault. So it's a win-win for the management, win by not having to do their work, and win , being able to blame someone else.
    Nevermind their budget requires 70 percent to go to direct education, a little creative accounting can fix that. The audits are done by private companies who must obtain a three year contract with the district and they know if they rock the boat and point out the cheating on the books they won't get another easy peasy $75,000 for a few days work a year.

    • @therealrobertbirchall
      @therealrobertbirchall Před rokem +1

      A consultant being policed by a consultant?

    • @ObakuZenCenter
      @ObakuZenCenter Před rokem

      Another thing that never happened.

    • @algernoncalydon3430
      @algernoncalydon3430 Před rokem

      @@ObakuZenCenter Wonder what happens when a government employee posts such comments on social media and it is who they are on social media.

  • @aremjay1
    @aremjay1 Před rokem +4

    Mariana Mazzucato is brilliant, Her book The Entrepreneurial State" is ground breaking and eye-opening. You will never look at your smart phone the same once you have read it.

    • @iamjurell
      @iamjurell Před rokem

      How much does it cost? She's giving it away for free, right?

  • @ZWD2011
    @ZWD2011 Před rokem +2

    One of my purchasing colleagues once said: "You pay consultants to learn from you. They should pay us."

  • @davidgreenhalgh3946
    @davidgreenhalgh3946 Před rokem +1

    We need academic authors like Mariana Mazzucato to interpret the modern world for us and provide us with the tools to articulate viable solutions. As someone who works in the solar industry, I am pleased that she mentions the misrepresentation of the viability of renewables and regenerative economic solutions.

  • @SteveGouldinSpain
    @SteveGouldinSpain Před rokem +4

    You can have her back as often as you like. Rarely heard so much sense come out of a human mouth!

  • @rodneycooperLMSCoach
    @rodneycooperLMSCoach Před rokem +4

    The big difference between the private sector and the state is that the private sectors sole first objective is profit and everything else is subordinate to that.

    • @olearyma57
      @olearyma57 Před rokem

      The big difference is that private companies (monopolies aside) earn their profits in competitive markets otherwise they expire. The state has an entitlement to take the bulk of your income and spending to do with it as they see fit.

    • @rodneycooperLMSCoach
      @rodneycooperLMSCoach Před rokem

      @@olearyma57 We have, in this country, a situation where the definition of capitalistic private markets are blurred and distorted. We are told that the Rail companies are private well if they were they would act as the original pre 1948 companies and value their customers as their only source of income but they don't because they get government handouts. The water companies have absolute monopolies and are free to do as they wish. The large energy companies are exploiting an energy shortage and charging cheaper sourced energy at the same rate as scarce energy sources. In the health service the private management consultants are allowed in to charge what they like and very often do with dubious results for their work. So the whole setup is a mess. Where life and limb depend on a service it should remain government run and funded provided, of course, that you have a very intelligent and capable government.

    • @olearyma57
      @olearyma57 Před rokem

      @@rodneycooperLMSCoach Yes. I see exactly what you see. It is strange how each malaise you have mentioned finds its source/ root in the essential nature of government. Rail companies privatised with handouts.Water companies in control of the essentials for life; without EFFECTIVE government regulation etc. But government services are delivered by Diktat - huge innefficient beaureaucracies consuming massive resources. AND WITH MASSIVE CONSULTANCY BUDGETS TO BOOT.
      Hence 'we know nothing' our decisions were based on the best advice money can buy. Shame you got nothing for your tax cash. SAY THE MANAGEMENT.
      WE are CONSULTANCY COMPANIES you have our REPORT the best money can buy. We do not implement our recommendations - you need consultancy advice.
      Government ineptitude is the source of this problem.

    • @beegnutz
      @beegnutz Před rokem

      Private or public, If it's been run by greedy liars then the money will still flow in the same direction.

  • @royloveday4350
    @royloveday4350 Před rokem +1

    Brilliant as always and she's developed a couple of points I've missed in previous interviews. So thanks for that

  • @benjaminsagan5861
    @benjaminsagan5861 Před rokem +2

    What a terrific guest! I love her clarity and concision.

  • @Mcfreddo
    @Mcfreddo Před rokem +3

    That's the New Zealand situation as well. Risk adverse outsourcing all the time. It's millions of dollars worth.

  • @petermanuel5043
    @petermanuel5043 Před rokem +1

    Fantastic....I could listen to Mariana Mazzucato all day! Thanks

  • @fishernz
    @fishernz Před rokem +1

    One of your better interviews, Owen. I'm really pleased you spoke with Mazzucato.

  • @waynekeenansvideos
    @waynekeenansvideos Před rokem +7

    "Small Government", isn't going to work long term is it... (not saying it works now)

  • @jaida9254
    @jaida9254 Před rokem +1

    Im so glad you interviewed Mariana. I had no idea governments relied so heavily on 'consultants'. She's brilliant. Thanks for enlightening me.

  • @larfermor
    @larfermor Před rokem +1

    Now that we have all these consultants advising government, why do we need government?

  • @ChrispyNut
    @ChrispyNut Před rokem +5

    This is my comment. There are many others like it, but this one is mine.

  • @danielsykes7558
    @danielsykes7558 Před rokem

    I got her book last week! 📚 So glad to hear from her! :) & Glad to see Owen 😉

  • @delfimoliveira8883
    @delfimoliveira8883 Před rokem +6

    Dr Marianna is an inspiration for us that try to understand the paths of the new mutation of capitalism
    Yannis Varofakis call it Cloud Capital i agree with him

    • @romeisfallingagain
      @romeisfallingagain Před rokem

      why dont you learn about contractual law? UK GOVERNMENT is a corporation. there is no changing the system when you play in their system.

  • @annlove2098
    @annlove2098 Před rokem +4

    How enlightening THX

  • @fredericocr1
    @fredericocr1 Před rokem +1

    From someone who lives in Australia. The reason the gov gave $ to mckenzie was because an ex parter was a member of cabinet. Simple

  • @williamchamberlain2263
    @williamchamberlain2263 Před rokem +1

    I like this lady : she says where the gaps are we can work toward, not just what the problems have been/are.

  • @daphnescombine
    @daphnescombine Před rokem +1

    I bought a copy whilst in the U.K. and am very much looking forward to reading it. I bought several of Mariana’s other books at the same time so I have plenty of reading material ahead.

  • @MrBSmizzle
    @MrBSmizzle Před rokem

    really enjoyed this - wish it was more of a conversation though versus a webinar

  • @dww613
    @dww613 Před rokem

    This was a very thoughtful interview - the title of the video is slightly misleading. But a valuable watch for me - made me think

  • @AlanJohnBurke-bh5lb
    @AlanJohnBurke-bh5lb Před 2 měsíci +1

    Hi Owen Fantastic interview with yer woman so I was wondering after listening wether the reason Jacob Rees mogg was in such a hurry to deplete the civil service at west minister was because of this outsourcing of huge amounts of our money and wether there’s a conflict of interest in any ministers part concerning these companies 🤔
    Keep up the great work of Truth brother
    Regards
    An old Tom Paineite

  • @robertmatetich2898
    @robertmatetich2898 Před rokem +1

    Consultants also spread uniformity through industries. Ideas such as outsourcing, de-unionizing, offshoring, have impeded progress by promoting sourcing changes rather than in-house technological manufacturing improvements such as automation. This particular trend has cost the US dearly in jobs and technical leadership.

  • @reghand3276
    @reghand3276 Před rokem +1

    Anyone who can talk about consultants in an interesting way deserves great credit

  • @speedyspeederson
    @speedyspeederson Před rokem

    Mariana is awesome. So compelling listening to her!

  • @Paul-eb2cl
    @Paul-eb2cl Před rokem +1

    Just an excellent video.

  • @A9POLO
    @A9POLO Před rokem

    Great conversation

  • @fuaadlatif9420
    @fuaadlatif9420 Před rokem

    Very useful and enlightening interview.

  • @visions.of.excess
    @visions.of.excess Před rokem

    In Australia PWC was brought in to develop tax policy. PWC leaked information to multinational clients to develop loopholes and avoidance strategies. Australia still gives PWC contracts and politicians attend PWC funded events to solicit donations.

  • @sonicart1808
    @sonicart1808 Před rokem

    Smart lady, to say we are being conned is an understatement.....

  • @tigertiger1699
    @tigertiger1699 Před rokem

    I work in engineering …, the number of people consulting in engineering that are knowledgeable..👍 but not at all in the field they’re consulting in… absolutely criminal

  • @craigshelton6577
    @craigshelton6577 Před rokem +1

    Very similar in context to my thinking many years ago. I was educated in North Kent whereby Kent chose not to have Comprehensive Education unlike most of the UK. Also, in the heavy industrial areas Gravesham and Medway Towns they would allow allocated numbers/percentage numbers of students to gain A, B, C, D and E's. The reason being they needed people to work in heavy industry. After all, if too many obtained higher grades then who would want to work in dirty heavy industry when they could do clean office work or the arts? To think that a student has the same grades as someone from a previous year but is given a lower grade due to the numbers of students in their particular year ☹️

  • @mickhills6288
    @mickhills6288 Před rokem

    This lady is brilliant.

  • @georgeh5075
    @georgeh5075 Před rokem +4

    Oh no...not another person for me to crush on 😭

  • @mccloskeydarrell
    @mccloskeydarrell Před rokem

    Insightful interview - thanks. I wonder if "The Big Con" book will make the McKinsey Book of the year Shortlist like her "The Value of Everything" book in 2018 - doubt it somehow ;)

  • @TheOtherNEO
    @TheOtherNEO Před rokem +4

    You also need to read "The Management Myth" by Matthew Stewart. I'll just quote first paragraph from the foreword from his website here:
    "Don’t go to business school. Study philosophy. Fresh from Oxford with a degree in philosophy and no particular interest in business, Matthew Stewart might not have seemed a likely candidate to become a consultant. But soon, he was telling veteran managers how to run their companies."

  • @johnnywapstra9973
    @johnnywapstra9973 Před rokem

    Thankyou Owen for getting this intelligent wise person on to educate me.

  • @paulineson4876
    @paulineson4876 Před rokem

    A very bright person with an excellent insight into modern economics.

  • @bxnjxmxn2942
    @bxnjxmxn2942 Před rokem

    OH MY GOSH I LOVE YOU BOTH SO MUCH I’M SO EXCITED TO WATCH THIS TOMORROW WHY DID I HAVE TO FIND IT SO LATE TODAY

    • @vhawk1951kl
      @vhawk1951kl Před rokem +1

      Those that abuse capital letters not only emphasise nothing but the hysteria of the abuser but they also declare to all the world that they are raving lunatics. Calm down dear

    • @bxnjxmxn2942
      @bxnjxmxn2942 Před rokem

      @@vhawk1951kl WHATEVER YOU SAY DEARIE

    • @vhawk1951kl
      @vhawk1951kl Před rokem

      @@bxnjxmxn2942 If that is your best and only shot, no wonder you are no more than some insignificant little clerk/shopgirl

  • @jim-es8qk
    @jim-es8qk Před rokem +2

    Another example is the billions of pounds wasted on smart motorways. That is our money. Are they going to give the money back once the idea is abandoned?

    • @dorothycullen7689
      @dorothycullen7689 Před rokem

      😊What do you think ?

    • @Papillion-Man
      @Papillion-Man Před rokem

      Though they know that they are deadly. There is no plan to convert the existing smart motorways back to none smart.
      This tells me it is more about saving money, as opposed to saving lives!

  • @Mcfreddo
    @Mcfreddo Před rokem

    I want her book!

  • @MakinMovies7
    @MakinMovies7 Před rokem +4

    An economic leviathan. I like her. She’s bloody great.

    • @iamjurell
      @iamjurell Před rokem

      In that she's richer than you, sure.

    • @MakinMovies7
      @MakinMovies7 Před rokem

      @@iamjurell no one’s richer than me.

    • @iamjurell
      @iamjurell Před rokem

      @@MakinMovies7 I'm more of a leviathan in the traditional sense: huge, serpentine

    • @MakinMovies7
      @MakinMovies7 Před rokem

      @@iamjurell yes, I’ve a huge serpent too.

  • @TH3DARKSTARSKAT3RS
    @TH3DARKSTARSKAT3RS Před rokem +1

    i seemyself finishing her book quicker than most, the starting chapters are the best ive read in i red in years.

  • @JustinFisher777
    @JustinFisher777 Před rokem

    Brilliant lady.

  • @therepublicofcynica
    @therepublicofcynica Před 10 měsíci

    Love this....just ordered her book.
    One thing though, and it should be made clear. There's a Difference between the words 'earned', 'paid' and income. It's fine to quote direct costs ie. how much these companies are being paid but that's not the same as profit. Even if these roles were 'in-sourced' there would still be a cost. We can all gasp at the billions being paid out but that is not all profit.

  • @robertmatetich2898
    @robertmatetich2898 Před rokem

    Not that I don't appreciate regional and national language accents, but your accent is so strong that you should slow down so that you are more understandable to each other.

  • @andrewmorse4324
    @andrewmorse4324 Před rokem

    I only watched the first few minutes and she's brilliant.

  • @AustralianLeprechaun
    @AustralianLeprechaun Před rokem

    This is out of control in Australia

  • @evsm3923
    @evsm3923 Před rokem

    a Slovakian capital city got out of financial crisis when new major cut off Deloitte :)

  • @garyowen4112
    @garyowen4112 Před rokem

    i wonder if any MP's get money or work for these consultant companies

  • @Christian_Leuchtenberg

    @owen jones, how to talk to you directly?

  • @bentray1908
    @bentray1908 Před rokem

    She is a consultant too😊

  • @charleswindsor1184
    @charleswindsor1184 Před rokem

    Not depressing.
    Very exciting really

  • @PG-jp1bv
    @PG-jp1bv Před rokem

    “So what would you say…. you do?” The Two Bobs

  • @stevosd60
    @stevosd60 Před rokem

    Basic rule for protecting management posteriors - employee consultants to make final decisions so you can't be blamed..... Result: Not my fault 👍

  • @zoharianovici1983
    @zoharianovici1983 Před rokem

    Yaaaaaas!!!

  • @Dionysus11
    @Dionysus11 Před rokem +9

    Not capitalism, CORPORATISM.

  • @mickconners9377
    @mickconners9377 Před rokem +3

    Owen needs a kip

  • @hughcaskey9542
    @hughcaskey9542 Před rokem

    What part of mars is Mariana from

  • @walterwz
    @walterwz Před rokem

    WASTE equals anything not spent on billionaires and their boundless profits

  • @washserf2
    @washserf2 Před rokem +2

    excellent insights into the unquestioned assumptions so much of our enconomic thinking embraces. A lot of what she says about developing effective policy and government working with the private sector is just so obvious. Considering that we expect our elected representatives to have and to develop "a vision" and to lead us, while being transparent and open about their plans ( outling the best possible mission statements) . contrast this to the hiring or consultants who may not even have the expertise to address this issues being outlined. We must remove the stigma of " the private sector" naturally being the best option. as if it must be allowed to do its thing" (after all the received wisdom is often that , by definition, it must be the most competitive problem solver :-( . Whereas while the public sector (who have most likely been developing public policies approved by the People - via democratic processes) is sidelined and infantilised. Quite remarkably foolish situation of how much of this works to stop true innovation and joint problem solving.

  • @beegnutz
    @beegnutz Před rokem +1

    When the nation is run by greedy liars, what can you do?

  • @richardallan2767
    @richardallan2767 Před rokem +1

    So much money is wasted in the NHS through out sourcing as well. Billions, probably. Using Temp workers ad infinitum, rather getting in our own staff, often at about 3 times the cost.
    Also, Mariana's glasses looked like a snapchat filter

  • @northstar7631
    @northstar7631 Před rokem

    Mission oriented government needs a continuation of the same government with the same ability to implement their spending and policies, usually though, in a democracy governments change within few years before goals are achieved which puts the mission in jeopardy of being canceled. Do missions need to be shortened in implementation periods to convince people to vote for the same politicians?

  • @WotsisFace
    @WotsisFace Před rokem +3

    Everybody knows it’s a con. We have done for years now…
    The problem is, nobody has the balls to destabilise their lives for 5 minutes to fix this craziness..

    • @vhawk1951kl
      @vhawk1951kl Před rokem

      I would avoid universals if I were you- they can only be imaginary or vague generalisations at best

    • @WotsisFace
      @WotsisFace Před rokem

      @@vhawk1951kl even if that was true, that’s definitely not the case here. I think a generalisation is necessary here as I’m referring to the majority.

    • @vhawk1951kl
      @vhawk1951kl Před rokem

      @@WotsisFace How do you it is the majority and what is the significance of a majority

    • @vhawk1951kl
      @vhawk1951kl Před rokem

      @@WotsisFace test it for yourself and you will discover that you cannot directly immediately personally experience any universal, which is what imaginary means. Perhaps you cannot quite grasp the difference between universally and continuously or always, and are a little hazy about what a universal is , but I do not require an extensive vocabulary or erudition from my servants

  • @gordonwalter4293
    @gordonwalter4293 Před rokem

    I guess it's 'lets ignore a single Chinese his speed "ghost train" that is a $10 B write off + $1 B/year!'

  • @KGP221
    @KGP221 Před rokem

    It doesn't matter which economic system is in place, someone will always want more than someone else and history emphatically reminds us that they will be willing to commit heinous acts against others to sit at the top of social and political culture. Today's wars, assassinations and planned economic collapses are a testament to this behavior among our species.

  • @Dsexh_dsexh
    @Dsexh_dsexh Před rokem

    Omg maggots the record, it was talking about private interests and consultants.. they were the maggots

  • @kayedal-haddad9294
    @kayedal-haddad9294 Před rokem

    The role of the State should be a facilitator!