As a businessman, Donald Trump has been associated with some of the worst excesses of a particular style of value-extracting and asset stripping capitalism: set up businesses, let them fail, avoid paying suppliers, use bankruptcy laws to avoid taxes for decades, then set up another business somewhere else. It is this model that is the cause of many problems we see today.

Unfortunately, simplistic framing of problems leads to simplistic answers.

Fixing markets isn't enough. We have to actively shape and create them and tilt the playing field in the direction of the growth we want.

An interesting attribute of public banks is that they don't only de-risk the downside, but also get a share of the upside.

What is needed is both a New Deal in terms of mission-oriented investments but also a new deal in terms of a modern social compact - one that allows the state to socialize not only risks but also rewards. Maybe then innovation-led growth will also become growth that includes all of us.

Companies prefer to put money in the pockets of shareholders or to hoard cash rather than to raise wages or invest.

It's important that public funds be spent in research directions that are pushing market frontiers rather than working in existing areas. This means funding research not only on drugs but also on areas like life-style changes, even if the profit potential is lower for Big Pharma as you cannot sell that change as you can sell a medicine.