The globalized nature of production and innovation means that the benefits don't necessarily stay in the country where the investments are made.

Most venture capital funds are too short-termist and exit-driven to deal with the highly uncertain and lengthy innovation process.

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.

The globalized nature of production and innovation means that the benefits don't necessarily stay in the country where the investments are made.

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.

People work hard and companies make big profits, but employees don't see that they share in the wealth they help to create.

Real median household incomes in the U.S. were basically the same in 1989 as in 2014. But we are also seeing similar challenges in the U.K. in the stagnation of real wages.