Mariana Mazzucato: Government -- investor, risk-taker, innovator

Translator: Elona Bytyci Reviewer: Helena Bedalli

Have you ever asked yourselves why it is that

Kemi pyetur veten se si ka mundesi qe

companies, the really cool companies,

kompanite me te medha, dhe e kam fjalen per kompanite e fuqishme,

the innovative ones, the creative,

kompanite krijuese,

new economy-type companies --

kompanite e koheve moderne --

Apple, Google, Facebook --

si Apple, Google, Facebook

are coming out of one particular country,

e kane origjinen e tyre tek nje shtet,

the United States of America?

Shtetet e Bashkuara te Amerikes.

Usually when I say this, someone says, "Spotify!

Zakonisht kunder argumenti qe me jepet eshte se Spotify

That's Europe." But, yeah.

eshte kompani e krijuar ne Europe. Eshte e vertete,

It has not had the impact that these other companies have had.

por Spotify nuk ka suksesin dhe famen e kompanive te siper permendura.

Now what I do is I'm an economist,

Une jam Ekonomiste

and I actually study the relationship

e specializuar ne studimin e marredhenies

between innovation and economic growth

midis inovacionit dhe rritjes ekonomike

at the level of the company, the industry and the nation,

ne nivel kompanish, industrish dhe shtetesh.

and I work with policymakers worldwide,

Punoj me politik-beres ne te gjithe boten,

especially in the European Commission,

kryesisht me politik-beres ne Komisionin Europian,

but recently also in interesting places like China,

por edhe ne vende interesante si Kina.

and I can tell you that that question

Qe te gjithe

is on the tip of all of their tongues:

kane nje pyetje ne maje te gjuhes:

Where are the European Googles?

Ku jane Googl-at Europian?

What is the secret behind the Silicon Valley growth model,

Cili eshte sekreti i rritjes ekonomike ne 'Silicon Valley',

which they understand is different

i cili eshte patjeter i ndryshem

from this old economy growth model?

nga modeli i vjeter dhe tradicional i rritjes ekonomike?

And what is interesting is that often,

Eshte interesante qe

even if we're in the 21st century,

edhe pse jemi ne shekullin e 21,

we kind of come down in the end to these ideas

argumenti qe perdoret per te shpjeguar kete fenomen

of market versus state.

eshte tregu kundrejt shtetit.

It's talked about in these modern ways,

Me pak fjale,

but the idea is that somehow, behind places like Silicon Valley,

ideja eshte qe celesi i suksesit per vende si Silicon Valley

the secret have been different types of market-making mechanisms,

eshte perdorimi i mekanizmave te ndryshem per nxitjen e tregut.

the private initiative, whether this be about

Nje shembull do ishte iniciativat private, kjo ne formen e

a dynamic venture capital sector

sektorit te kapitaleve private,

that's actually able to provide that high-risk finance

te cilat ofrojne financim me rrezik te larte

to these innovative companies,

per keto kompanive

the gazelles as we often call them,

inovative

which traditional banks are scared of,

gje te cilen bankat tradicionale do kishin frike ta benin.

or different types of really successful

Kjo mundesi mund tu jepet dhe duke ofruar politika reklamimi

commercialization policies which actually allow these companies

te cilat u japin mundesine ketyre kompanive

to bring these great inventions, their products,

qe te nxjerrin idete apo produktin e tyre

to the market and actually get over this

ne treg, duke kapercyer ne kete menyre piken

really scary Death Valley period

ku shumica e kompanive te tjera

in which many companies instead fail.

do falimentonin.

But what really interests me, especially nowadays

Por ceshtja me interesante per mua,

and because of what's happening politically around the world,

sidomos duke pasur parasysh se cfare po ndodh ne aspektin politik ne bote,

is the language that's used, the narrative,

eshte gjuha, arsyetimi, imazhet dhe fjalet konkrete

the discourse, the images, the actual words.

qe perdoren ne keto raste.

So we often are presented

Shpesh perdoret arsyetimi se

with the kind of words like that the private sector

sektori privat, sic shihet dhe nga ndarja ne tabele,

is also much more innovative because it's able to

eshte me inovativ

think out of the box.

sepse eshte me mendje hapur, mendon jashte korrnizave,

They are more dynamic.

eshte me dinamik.

Think of Steve Jobs' really inspirational speech

Steve Jobs dha nje fjalim shume inspirues

to the 2005 graduating class at Stanford,

te diplomuarve te vitit 2005 ne Stanford,

where he said to be innovative,

Ideja kryesore e flalimit te tij ishte qe: qe te jeni inovativ

you've got to stay hungry, stay foolish.

duhet te qendroni kurioz, te mendoni se nuk dini mjaftueshem.

Right? So these guys are kind of the hungry

Domethene personat e sektorit privat ne tabele jane ato kuriozet,

and foolish and colorful guys, right?

mendjehapurit dhe ambiciozet.

And in places like Europe,

Europa, nga ana tjeter,

it might be more equitable,

eshte me sociale, njerezit jane me te barabarte dhe mireqenia eshte e shperndare ne menyre me te barabarte.

we might even be a bit better dressed

Ne Europe njerezit mund te vishen dhe te ushqehen

and eat better than the U.S.,

me mire se ne Amerike,

but the problem is this damn public sector.

por problemi kryesor ne Europe eshte sektori publik.

It's a bit too big, and it hasn't actually allowed

Sektori publik eshte shume i madh, kujdeset per shumicen dhe duke qene e tille

these things like dynamic venture capital

nuk ka mundesuar, nxitur, sektorin e Kapitaleve Private

and commercialization to actually be able to really

dhe reklamimit

be as fruitful as it could.

ne nivelin e duhur. Nuk i ben individet kurioz dhe ambicioz.

And even really respectable newspapers,

Gazeta me shume reputacion,

some that I'm actually subscribed to,

disa nga te cilat i blej edhe vete,

the words they use are, you know,

e shohin shtetin si

the state as this Leviathan. Right?

Gogoli.

This monster with big tentacles.

Si nje perbindesh me shume kembe.

They're very explicit in these editorials.

Mendimi i tyre eshte qe

They say, "You know, the state, it's necessary

shteti duhet te rregulloje

to fix these little market failures

problemet e vogla

when you have public goods

te tregut dhe problemet qe prekin shumicen,

or different types of negative externalities like pollution,

problemet si ndotja.

but you know what, what is the next big revolution

Por pyetje qe me lind mua personalisht eshte se cfare do jete shpikja

going to be after the Internet?

e re pas internetit?

We all hope it might be something green,

Ne te gjithe shpresojme se mund te jete dicka e lidhur me energjine e paster.

or all of this nanotech stuff, and in order for that stuff to happen," they say --

Por mbizoteron mendimin qe

this was a special issue on the next industrial revolution --

shteti, qeveria,

they say, "the state, just stick to the basics, right?

te merret me gjerat baze.

Fund the infrastructure. Fund the schools.

Te Investoje ne infrastukture, ne shkolla,

Even fund the basic research, because this is

madje te investoje edhe ne kerkime shkencore jetike

popularly recognized, in fact, as a big public good

sepse kjo eshte ne te miren e shoqerise

which private companies don't want to invest in,

dhe kompanite private nuk jane te intesuara ne kete pjese

do that, but you know what?

dhe mendojne se shteti te lere pjesen tjeter te inovacioneve

Leave the rest to the revolutionaries."

per revolucionaret.

Those colorful, out-of-the-box kind of thinkers.

Te lere pjesen tjeter per ata qe duan te mendojne jashte korrnizave.

They're often called garage tinkerers,

Atyre qe shpesh quhen shpikesit ne garazh,

because some of them actually did some things in garages,

meqenese se disa shpikje jane bere neper garazhe,

even though that's partly a myth.

edhe pse kjo ne fakt eshte me shume nje mit sesa e vertete.

And so what I want to do with you in, oh God,

Ao cfare une dua te diskutoj me ju

only 10 minutes,

ne keto 10 minuta qe kane ngelur

is to really think again this juxtaposition,

eshte qe te mendijme edhe nje here per kete qendrim dhe ta analizojme

because it actually has massive, massive implications

sepse ky qendrim ka ndikim shume te madh,

beyond innovation policy,

dhe kjo jo vetem ne politikat e inovacionit

which just happens to be the area

e cila eshte fusha per te cilen flas

that I often talk with with policymakers.

dhe jam e interesuar.

It has huge implications, even with this whole notion

Kjo ka ndikim te madh ne konceptin

that we have on where, when and why

qe ne kemi persa i perket faktit se ku, kur dhe pse

we should actually be cutting back on public spending

duhet te reduktojme shpenzimet publike

and different types of public services which,

dhe sherbime te ndryshme shteterore

of course, as we know, are increasingly being

per te cilat sot qeveria po merr

outsourced because of this juxtaposition.

kontrata sherbimi.

Right? I mean, the reason that we need to maybe have free schools or charter schools

Per shembull, arsyeja pse shkollat duhet te jene te pavarura

is in order to make them more innovative without being emburdened

eshte qe te jene me krijuese dhe te kene me shume pavaresi

by this heavy hand of the state curriculum, or something.

nga kurrikula e vendosur nga shteti.

So these kind of words are constantly,

Ky arsyetim mund te aplikohet

these juxtapositions come up everywhere,

ne shume fusha

not just with innovation policy.

te tjera.

And so to think again,

Le te marrim pak kohe

there's no reason that you should believe me,

dhe te mendojme pak per kete ceshtje.

so just think of some of the smartest

Mendoni per gjene me

revolutionary things that you have in your pockets

revolucionare qe keni ne xhep,

and do not turn it on, but you might want to take it out, your iPhone.

Iphone.

Ask who actually funded the really cool,

Kush mendoni se ofroi fonde

revolutionary thinking-out-of-the-box

per kete mrekulli, per kete gje revolucionare

things in the iPhone.

ne Iphone.

What actually makes your phone

Cfare e ben telefonin tuaj te zgjuar

a smartphone, basically, instead of a stupid phone?

dhe te vecante?

So the Internet, which you can surf the web

Eshte interneti, nepermjet te cilit

anywhere you are in the world;

ti mund te eksplorosh faqe, fakte, libra etj kudo ne bote;

GPS, where you can actually know where you are

Eshte navigatori i cili arrin te njohe

anywhere in the world;

se ku ndodhesh kudo ne bote;

the touchscreen display, which makes it also

Eshte ekran me prekje, gje qe e ben

a really easy-to-use phone for anybody.

telefonin shume te lehte per tu perdorur nga kushdo.

These are the very smart, revolutionary bits about the iPhone,

Keto jane gjerat me te zgjuara dhe revolucionare te iphone,

and they're all government-funded.

DHE.. te gjitha keto jane te financuara nga qeveria.

And the point is that the Internet

Interneti eshte financuar

was funded by DARPA, U.S. Department of Defense.

Nga Departamenti Amerikan i Mbrojtjes.

GPS was funded by the military's Navstar program.

Navigatori eshte financuar nga program Navstar i ushtrise.

Even Siri was actually funded by DARPA.

Madje edhe Siri eshte financuar nga Departamenti American i Mbrojtjes.

The touchscreen display was funded

Ekrani me prekje eshte financuar

by two public grants by the CIA and the NSF

nga dy fonde publike qe CIA dhe NSF ju dha

to two public university researchers at the University of Delaware.

dy kerkuesve te Universitetit te Delaware.

Now, you might be thinking, "Well, she's just said

Po te vini re, kam perdorur termat mbrojte

the word 'defense' and 'military' an awful lot,"

dhe ushtri ne te gjitha rastet,.

but what's really interesting is that this is actually true

Eshte shume intersant fakti qe kjo ndodh shpesh dhe edhe ne

in sector after sector and department after department.

sektore dhe departamente te ndryshme.

So the pharmaceutical industry, which I am personally

Industria farmaceutike, te cilen une e kam shume perzemer

very interested in because I've actually had the fortune

sepse kam pasur fatin ta studioj

to study it in quite some depth,

ne shume thellesi,

is wonderful to be asking this question

eshte rasti konkret ku mund te ngrihet pyetja

about the revolutionary versus non-revolutionary bits,

rreth gjerave revolucionare dhe jo revolucionare

because each and every medicine can actually be

sepse ilacet mund te grupohen ne grupe revolucionare

divided up on whether it really is revolutionary or incremental.

ose grupe permisimi.

So the new molecular entities with priority rating

Per shembull, shpikjet e reja molekulare

are the revolutionary new drugs,

jane ilacet revolucionare,

whereas the slight variations of existing drugs --

ndersa variacionet e ilaceve ekzistuese--

Viagra, different color, different dosage --

si psh viagra ne ngjyre apo doze tjeter --

are the less revolutionary ones.

jane me pak revolucinare e me shume te permisuara.

And it turns out that a full 75 percent

Faktet tregojne se 75 perqind

of the new molecular entities with priority rating

e strukturave te reja molekulare, e ilaceve revolucionare,

are actually funded in boring, Kafka-ian public sector labs.

jane te financuara nga shteti.

This doesn't mean that Big Pharma is not spending on innovation.

Kjo nuk do thote qe big pharma nuk po investon ne inovacion,

They do. They spend on the marketing part.

sepse ne fakt investojne por ato fokusohen ne marketing

They spend on the D part of R&D.

dhe ne pjesen e zhvillimit.

They spend an awful lot on buying back their stock,

Ato harxhojne shume para duke blere aksionet e tyre pasi i kane shitur,

which is quite problematic.

gje e cila eshte problematike ne vetvete.

In fact, companies like Pfizer and Amgen recently

Kompanite si Pfizer she Amgen kane harxhuar me shume para

have spent more money in buying back their shares

ne ri-blerjen e aksioneve te tyre per te rritur cmimin

to boost their stock price than on R&D,

e aksioneve ne total sesa ne kerkim dhe zhvillim.

but that's a whole different TED Talk which one day

Por kjo eshte nje teme tjeter, te cilen ne fakt

I'd be fascinated to tell you about.

mund ta kemi ne nje tjeter bisede te TED.

Now, what's interesting in all of this

Pjesa me interesante ne gjithe kete eshte qe,

is the state, in all these examples,

shteti, ne te gjitha rastet,

was doing so much more than just fixing market failures.

po bente me shume sesa thjesht te regullonte problemet e tregut.

It was actually shaping and creating markets.

Shteti po formonte dhe krijonte tregun.

It was funding not only the basic research,

Po financonte jo vetem kerkimet baze,

which again is a typical public good,

te cilat jane ne te mire te shoqerise,

but even the applied research.

por po financonte dhe zbatimim e kerkimit.

It was even, God forbid, being a venture capitalist.

Madje, po vepronte si Kapitalist Privat.

So these SBIR and SDTR programs,

Kjo do te thote qe keto programe shteterore,

which give small companies early-stage finance

te cilat u mundesuan financim ne hapat e pare ketyre kompanive te vogla,

have not only been extremely important

jo vetem qe kane qene shume te rendesishme

compared to private venture capital,

ne krahasim me Kapitalet Private,

but also have become increasingly important.

por edhe jane bere shume te domosdoshme.

Why? Because, as many of us know,

Pse eshte kjo do me thoni ju? Sepse sic dihet,

V.C. is actually quite short-term.

Kapitalet private duan fitime ne afate te shkurtra kohore.

They want their returns in three to five years.

Ata duan fitimet e tyre brenda nje, tre ose pese vjecari.

Innovation takes a much longer time than that,

Inovacionet ne pergjithesi duan me shume kohe per te nxjerre fitimet e tyre,

15 to 20 years.

zakonisht 15 deri ne 20 vjet.

And so this whole notion -- I mean, this is the point, right?

Dhe pikerisht ketu del edhe argumenti im.

Who's actually funding the hard stuff?

Kush po financon gjerat e veshtira?

Of course, it's not just the state.

Nuk po them qe eshte vetem shteti.

The private sector does a lot.

Edhe sektori privat ndihmon shume.

But the narrative that we've always been told

Por arsyetimi qe na eshte thene gjithmone eshte qe

is the state is important for the basics,

shteti eshte i rendesishem per te siguruar gjerat baze,

but not really providing that sort of high-risk,

dhe jo per te ndihmuar ne ceshtje qe kane risk te madh,

revolutionary thinking out of the box.

ne te menduarit revolucionar dhe jashte korrnizave.

In all these sectors, from funding the Internet

Por, ne te gjitha keto raste del se

to doing the spending, but also the envisioning,

ishte shteti ai qe siguroi financimin e idese se internetit,

the strategic vision, for these investments,

shpenzimin, vizionimin

it was actually coming within the state.

madje edhe strategjine.

The nanotechnology sector is actually fascinating

Fusha e nanoteknologjise eshte shume interesante

to study this, because the word itself, nanotechnology,

per tu studiuar ne kete drejtim sepse vete fjala nanoteknologji

came from within government.

eshte permendur per here te pare

And so there's huge implications of this.

nga vete qeveria.

First of all, of course I'm not someone,

Sic kuptohet, une nuk jam tifoze e

this old-fashioned person, market versus state.

filozofise se tregut kundrejt shtetit.

What we all know in dynamic capitalism

Te gjithe e dime se ne kapitalizem

is that what we actually need are public-private partnerships.

duhet nje bashkepunim midis sektorit publik dhe privat.

But the point is, by constantly depicting

Problemi eshte se duke e pershkruar

the state part as necessary

shtetin si nje pjese te domosdoshme

but actually -- pffff -- a bit boring

por ne te njejten kohe -- psss -- te merzitshme

and often a bit dangerous kind of Leviathan,

madje edhe si perbindesh te rrezikshem,

I think we've actually really stunted the possibility

kemi penguar mundesine

to build these public-private partnerships

e ndertimit te bashkepunimit

in a really dynamic way.

midis sektorit shteteror dhe privatit.

Even the words that we often use to justify the "P" part,

Ne rastet e bashkepunimit midis

the public part -- well, they're both P's --

sektorit publik dhe privat

with public-private partnerships

P-ja qe perfaqeson sektorit publik, megjithese te edhe sektori privat P-ne ka,

is in terms of de-risking.

perdoret per te ulur rrezikun.

What the public sector did in all these examples

Ne te gjitha rastet qe ju dhashe,

I just gave you, and there's many more,

dhe sigurisht qe ka edhe shume raste te tjera,

which myself and other colleagues have been looking at,

sektori publik po ben me shume sesa minimizimin e rrezikut.

is doing much more than de-risking.

Ato ne fakt

It's kind of been taking on that risk. Bring it on.

po e ndermarrin rrezikun. Po guxojne.

It's actually been the one thinking out of the box.

Eshte shteti qe ka menduar jashte korrnizave.

But also, I'm sure you all have had experience

Por nga ana tjeter, jam e bindur qe keni pasur eksperience

with local, regional, national governments,

me punonjes te pushtetit vendor apo qendror,

and you're kind of like, "You know what, that Kafka-ian bureaucrat, I've met him."

te cilet jane tipiket e burokrateve te ngurte dhe qe nuk arrijne te dalin jashte korrizave.

That whole juxtaposition thing, it's kind of there.

Ky konotacion ne lidhje me sektorin publik eshte real, eshte i perditshem.

Well, there's a self-fulfilling prophecy.

Ky konotacion krijon permbushjen e profecise vetjake.

By talking about the state as kind of irrelevant,

Me nje fjale, duke e menduar shtetin si te pavend dhe

boring, it's sometimes

si te merzitshem, ne bejme qe keto organizata te jene vertet te tilla

that we actually create those organizations in that way.

duke qene se jane personat qe permbushin kete stereotip qe shkojne te punojne per administraten shteterore dhe ato arrijne te mbijetojne sepse krijohet nje kulture e tille.

So what we have to actually do is build

Ajo qe ne duhet te bejme eshte te ndertojme

these entrepreneurial state organizations.

nje shtet qe vepron si organizate sipermarrese.

DARPA, that funded the Internet and Siri,

Para se Departamenti Amerikan i Mbrojtjes te

actually thought really hard about this,

financonte Internetin dhe Sirin, analizoi me shume kujdes

how to welcome failure, because you will fail.

se si te perballoje deshtimin, sepse shanset qe kjo mund te deshtonte ishin shume te larta.

You will fail when you innovative.

Inovacioni shoqerohet gjithmone me rrezikun e deshtimit.

One out of 10 experiments has any success.

Vetem nje ne dhjete eksperimente jane te suksesshem.

And the V.C. guys know this,

Kapitalet Private e dine kete gje dhe ato arrijne te kompensojne

and they're able to actually fund the other losses

9 deshtimet

from that one success.

me nje rast te suksesshem.

And this brings me, actually, probably,

Kjo na ben te

to the biggest implication,

mendojme per pasojat

and this has huge implications beyond innovation.

e kesaj filozofie.

If the state is more than just a market fixer,

Nese shteti nuk po funksionon thjesht si nje rregullues tregu

if it actually is a market shaper,

por me teper si nje krijues tregu,

and in doing that has had to take on this massive risk,

dhe sigurisht qe duke bere nje gje te tille ndermerr rreziqe te medha,

what happened to the reward?

cfare perfitimesh ka?

We all know, if you've ever taken a finance course,

Financa na meson mbi marredhenien rrezik - shperblimi

the first thing you're taught is sort of the risk-reward relationship,

dhe ne kete menyre na shpjegon se si disa njerez

and so some people are foolish enough

jane moskokecares

or probably smart enough if they have time to wait,

ose shume te zgjuar sepse e dine qe kane mundesi te presin,

to actually invest in stocks, because they're higher risk

dhe e dine qe nese investojne ne blerje aksionesh, meqenese rreziku eshte me i madh sesa te investosh ne bono thesari

which over time will make a greater reward than bonds,

edhe shperblimi mund te jete me i madh

that whole risk-reward thing.

dhe keshtu shpjegohet marredhenia rrezik - shperblim.

Well, where's the reward for the state

Natyrshem lind pyetja: cfare shperblimi mori shteti

of having taken on these massive risks

duke qene se ndermorri nje rrezik shume te madh

and actually been foolish enough to have done the Internet?

duke financuar Internetin?

The Internet was crazy.

Interneti ishte cmenduri ne ate kohe.

It really was. I mean, the probability of failure was massive.

Mundesia e deshtimit te ketij projekti ishte masiv.

You had to be completely nuts to do it,

Vetem nje i cmendur mund ta mbeshteste,

and luckily, they were.

dhe fatmiresisht per ne ato ishin te tille.

Now, we don't even get to this question about rewards

Normalisht shteti nuk do shikohej si perfitues

unless you actually depict the state as this risk-taker.

pervec rastit kur e shikon shtetin si ndermarres rreziku.

And the problem is that economists often think,

Pergjigja e ekonomisteve ndaj kesaj pyetje eshte

well, there is a reward back to the state. It's tax.

qe shteti shperblehet nepermjet taksave

You know, the companies will pay tax,

Mendimi eshte qe kompania do paguaje taksa,

the jobs they create will create growth

punet e hapura do te sjellin rritje ekonomike

so people who get those jobs and their incomes rise

dhe ne kete menyre punetoret do tatohen

will come back to the state through the tax mechanism.

dhe shteti do marre shperblim nepermjet taksave.

Well, unfortunately, that's not true.

Epo fatkeqesisht kjo nuk eshte e vertet.

Okay, it's not true because many of the jobs that are created go abroad.

Nuk eshte e vertete sepse ne rradhe te pare shume nga keto

Globalization, and that's fine. We shouldn't be nationalistic.

vende pune shkojne jashte Amerikes.

Let the jobs go where they have to go, perhaps.

Le te mos harrojme qe jemi ne epoken e globalizimit,

I mean, one can take a position on that.

edhe pse ka qendrime te ndryshme ndaj kesaj ceshtje.

But also these companies

Por le te mos harrojme qe keto kompani te medha

that have actually had this massive benefit from the state --

te cilat kane pasur perfitime kolosale nga shteti

Apple's a great example.

- Apple eshte shembulli me i mire --

They even got the first -- well, not the first,

legalisht, paguajne shume pak taksa shtetit ne krahasim me fitimet qe kane.

but 500,000 dollars actually went to Apple, the company,

Programi SBIC i dha Apple 500.000 dollar

through this SBIC program,

dhe ky program

which predated the SBIR program,

ishte program shteteror.

as well as, as I said before, all the technologies behind the iPhone.

Pavaresisht kesaj

And yet we know they legally,

keto kompani, ashtu sikur se edhe shume kompani te tjera,

as many other companies, pay very little tax back.

paguajne shume pak taksa.

So what we really need to actually rethink

Kjo te ben te mendosh se ndoshta

is should there perhaps be a return-generating mechanism

duhet te instalohet nje mekanizem qe sjell me shume te fitim per shtetin

that's much more direct than tax. Why not?

dhe jo vetem fitim ne formen e taksave. E pse jo?

It could happen perhaps through equity.

Nje forme mund te jete duke marre disa aksione te kompanive qe ato financojne.

This, by the way, in the countries

Ka disa shtete qe e kane menduar

that are actually thinking about this strategically,

me kudes kete strategji,

countries like Finland in Scandinavia,

prandaj shtete si Finlanda

but also in China and Brazil,

por edhe Kina dhe Brazili,

they're retaining equity in these investments.

po mbajne aksione kundrejt ketyre investimeve.

Sitra funded Nokia, kept equity, made a lot of money,

Sitra financoi Nokian por mbajti aksione gje qe i solli shume perfitime monetare.

it's a public funding agency in Finland,

Sitra eshte nje agjenc fondesh i publike,

which then funded the next round of Nokias.

dhe pas perfitimit monetar fillestar financoi dhe modelet e reja te Nokias.

The Brazilian Development Bank,

Banka Braziliane e Zhvillimit

which is providing huge amounts of funds today

jep fonde te medha

to clean technology, they just announced

per zhvillimin e teknologjise pa demtuar mjedisin.

a $56 billion program for the future on this,

Ata financuan nje program 56 miliarda,

is retaining equity in these investments.

por mbajten aksione ne kete investime.

So to put it provocatively,

E thene me hapur,

had the U.S. government thought about this,

nese qeveria amerikane do e kishte menduar me mire

and maybe just brought back

dhe te kishte krijuar vetem nje

just something called an innovation fund,

nje fond per inovacionet

you can bet that, you know, if even just .05 percent

jam e sigurte qe do kishte pasur me shume perfitim.

of the profits from what the Internet produced

Sikur vetem 0.5 perqind e fitimit te Internetit

had come back to that innovation fund,

te ishte futur ne kete fond per inovacionet

there would be so much more money

qeveria do kishte bere shume me shume para

to spend today on green technology.

te cilat mund te investoheshin ne teknologjine e paster ne ditet e sotme.

Instead, many of the state budgets

Perkundrazi, fondet te cilat

which in theory are trying to do that

duhej te financonin te tilla inovacione

are being constrained.

jane te kufizuara ne ditet e sotme.

But perhaps even more important,

Por mbi te gjtiha, ne folem

we heard before about the one percent,

per rriskun e investimit ne inovacion,

the 99 percent.

se si vetem 1 ne njeqind eshte sukses.

If the state is thought about in this more strategic way,

Sa mire do ishte sikur shteti ta mendoje me strategjikisht per kete

as one of the lead players in the value creation mechanism,

duke qene se luan pjesen kryesore,

because that's what we're talking about, right?

sepse ne fakt kete ka bere apo jo?

Who are the different players in creating value

Kush jane vertet lojtaret kryesore ne zhvillimin

in the economy, and is the state's role,

ekonomik? Meqenese qenka shteti, eshte e vertet qe

has it been sort of dismissed as being a backseat player?

roli i tij eshte menjanuar duke u bere te besohet se shteti eshte nje lojtar pasiv ne kete proces?

If we can actually have a broader theory

Nuk do ishte mire sikur te kishim nje teori me

of value creation and allow us to actually admit

gjithperfshirese per zhvillimin e ekonomise e cila

what the state has been doing and reap something back,

pranon ndihmen qe shteti ka dhene dhe e lejon ate

it might just be that in the next round,

te marre dicka ne shkembim, te marre perfitimet ekonomike qe meriton.

and I hope that we all hope that the next big revolution

Ne kete menyre, nese revolucioni tjeter i rradhes do te jete

will in fact be green,

krijimi i nje mjedisi te paster dhe teknologjie qe nuk demton mjedisin,

that that period of growth

ajo periudhe rritje ekonomike

will not only be smart, innovation-led,

jo vetem qe do sjelle ndryshime pozitive dhe perfitime kolosale

not only green, but also more inclusive,

per themeluesit e saj, por do jete edhe gjithperfshirese

so that the public schools in places like Silicon Valley

ne menyre qe edhe shkollat publike perreth, sic idealisht do kishte qene

can actually also benefit from that growth,

ne Silicon Valley, te perfitojne nga kjo rritje ekonomike,

because they have not.

sepse deri tani ato nuk kane perfituar asgje.

Thank you.

Faleminderit

(Applause)

(Duartrokitje)