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A vital and timely investigation into the opaque and powerful consulting industry—and what to do about itThere is an entrenched relationship between the consulting industry and the way business and government are managed today that must change. Mariana Mazzucato and Rosie Collington show that our economies reliance on companies such as McKinsey & Company, Boston Consulting Group, Bain & Company, PwC, Deloitte, KPMG, and EY stunts innovation, obfuscates corporate and political accountability, and impedes our collective mission of halting climate breakdown.The “Big Con” describes the confidence trick the consulting industry performs in contracts with hollowed-out and risk-averse governments and shareholder value-maximizing firms. It grew from the 1980s and 1990s in the wake of reforms by the neoliberal right and Third Way progressives, and it thrives on the ills of modern capitalism, from financialization and privatization to the climate crisis. It is possible because of the unique power that big consultancies wield through extensive contracts and networks—as advisors, legitimators, and outsourcers—and the illusion that they are objective sources of expertise and capacity. In the end, the Big Con weakens our businesses, infantilizes our governments, and warps our economies.In The Big Con, Mazzucato and Collington throw back the curtain on the consulting industry. They dive deep into important case studies of consultants taking the reins with disastrous results, such as the debacle of the roll out of HealthCare.gov and the tragic failures of governments to respond adequately to the COVID-19 pandemic. The result is an important and exhilarating intellectual journey into the modern economys beating heart. With peerless scholarship, and a wealth of original research, Mazzucato and Collington argue brilliantly for building a new system in which public and private sectors work innovatively for the common good.

The Big Con: How the Consulting Industry Weakens Our Businesses, Infantilizes Our Governments, and Warps Our Economies is a groundbreaking work by Mariana Mazzucato, a world-renowned economist and professor at University College London. In this eye-opening book, Mazzucato delves into the controversial world of the consulting industry, exposing its deep-rooted problems and the negative impact it has on businesses, governments, and economies worldwide.

Mazzucato argues that the consulting industry, rather than being a source of innovation and growth, is often a drain on resources and a barrier to progress. She meticulously documents how consulting firms often engage in deceptive practices, offering superficial solutions that fail to address underlying problems, while charging exorbitant fees that divert valuable funds away from productive investment.

The author also highlights the troubling trend of governments outsourcing core functions to consulting firms, leading to a decline in public services and a loss of accountability. She emphasizes the need for governments to regain control over their policies and decision-making processes, rather than relying on external consultants who may have vested interests.

Mazzucato's analysis extends to the business world, where she demonstrates how the over-reliance on consulting firms can lead to a culture of dependency and a lack of internal expertise. She urges businesses to invest in their own capabilities and develop a deeper understanding of their markets and operations, rather than outsourcing these functions to external consultants.

The Big Con is a clarion call for a fundamental rethinking of the role of the consulting industry in our society. Mazzucato offers a compelling case for reforming the industry, promoting transparency, and holding consulting firms accountable for their actions. She emphasizes the importance of fostering a culture of innovation and self-reliance, where organizations and governments prioritize internal expertise and long-term thinking over quick fixes and superficial solutions.

Mazzucato's work is essential reading for business leaders, policymakers, public servants, and anyone concerned about the health of our economies and the future of our societies. The Big Con is a powerful indictment of the consulting industry and a roadmap for creating a more sustainable and equitable world.