IIPP Director Mariana Mazzucato participates in World Economic Forum Jobs Reset Summit
3 June 2021
The second World Economic Forum Jobs Reset Summit saw over 500 leaders convene to shape a new agenda for growth, jobs, skills and equity - IIPP Director Mazzucato joined a must watch session on Building Back Broader
The below is adapted from the World Economic Forum press release.
World Economic Forum Jobs Reset Summit: Building Back Broader in the Economic Recovery
The World Economic Forum Jobs Reset Summit 2021 convened over 500 leaders this week from government, business and civil society, including IIPP’s Professor Mariana Mazzucato, to help shape a new agenda for growth, jobs, skills and equity. The action-focused virtual event focused on laying the foundations of a new economy, one that provides opportunities for all.
'The pandemic has exacerbated existing inequalities – without action, we can expect a K-shape recovery. The Jobs Reset Summit and associated initiatives are dedicated to urgently “building back broader” by expanding access to education, reskilling and quality jobs, by embedding gender parity, racial equity and social justice, and by providing a platform for important debates on new growth models, taxation, the economic outlook and job creation,'
said Saadia Zahidi, Managing Director, World Economic Forum.
Good Jobs and the New Economy
Building Back Broader: Policy Pathways for an Economic Transformation, a policy brief, was launched at the Jobs Reset Summit. As the world emerges from the COVID-19 crisis, the report identifies the most urgent economic and social challenges and lays out concrete response options to shape an inclusive recovery. The areas of focus include fiscal and monetary policy, jobs and wages, education and skills, equity and social justice, building new markets, and managing frontier risks. Across these six areas, the publication emphasizes policies and partnerships that will offset the current trend towards K-shaped recoveries within and between economies and create more inclusive economic and social outcomes.
The report is a result of six months of consultation with over 150 experts and global thought leaders who shared their insights through six Global Futures Councils (GFCs) convened by the World Economic Forum. Professor Mariana Mazzucato, Director of UCL’s Institute on Innovation and Public Purpose, co-Chaired the GFC on economic growth and recovery with Rajiv Shah, President of the Rockefeller Foundation. Their work informed the report’s section on shaping new markets to drive long-term, inclusive and sustainable economic transformation.
Professor Mariana Mazzucato said:
'There is now consensus that we must “build back better” and “broader” in the wake of the Covid-19 pandemic, but the tools for doing so are still being debated. The report that we are launching today tables concrete proposals, from procurement policy to conditioning grants and loans from public institutions and development banks to direct the economy towards a growth path of inclusion and sustainability. Many of these recommendations have already been implemented in specific countries or regions, bringing valuable lessons for public policy. We call on G7 and G20 countries to scale up the successes so we can co-create the new markets that will transform tomorrow’s economy.'
What Leaders said about Shaping an Inclusive Recovery
The event brought together leaders from government, business, academia and civil society to shape a new agenda for growth, jobs, skills and equity. Read what they had to say about the event here, with quotes from leading voices including: John Goodwin of The Lego Foundation; Wendy Clark of Dentsu International; Professor Mariana Mazzucato of UCL, Alex Liu of Kearney; Dr. Tariq Al Gurg of Dubai Cares; Sharan Burrow of ITUC; Badr Jafar of Crescent Enterprises; Gabe Dalporto of Udacity; and Lazzat Ramazanova of the National Commission on Women's Affairs, Family and Demographic Policy of Kazakhstan.
About the Jobs Reset Summit
In the rapidly evolving and uncertain context for the global economy, the Jobs Rest Summit addresses the most critical areas of debate, articulates pathways for action, and mobilizes the most influential leaders and organizations to work together to accelerate progress on growth, jobs, skills and equity.
The latest meeting built on the outcomes of the inaugural Jobs Reset Summit (October 2020) and the Davos Agenda Week (January 2021), and set the direction for further action in 2021 and beyond. The virtual summit featured both live-streamed sessions, offering an opportunity for large-scale public engagement, and off-the-record roundtables, to discuss options, align on pathways and collectively shape the future through new policies, practices and coalitions.
- The second Jobs Reset Summit made progress on major reskilling, education and job quality initiatives, including the launch of SkillsLink and the Partnership for New Work Standards
- A new alliance to address social justice through business action was launched, while 58 multinational companies aligned on their commitments to a racial justice initiative
- Kazakhstan joined the Forum’s global network of countries mobilizing action for gender parity
- The Chief Economists Outlook launched at the Summit forecast a return to over 5.5% global growth within 2021, but coupled with concerns about economic scarring and a disconnect between asset markets and the real economy
- 'Building Back Broader' was also launched at the Summit, with a panel of experts including Martine Ferland, Stephanie Kelton, Adam Tooze, and Professor Mariana Mazzucato, who discussed the latest policy ideas for addressing inequality. The segment can be viewed here.
- Watch sessions from the Jobs Reset Summit and learn more here
- Read a selection of quotes from leaders at the Jobs Reset Summit here
- Read 'How governments can shape markets towards green and inclusive growth' blog by Mariana Mazzucato and Rajiv Shah