> Isn't that why people fight to get into Ivy League universities or Ecole Normale Superieure
Going to Harvard or Yale doesn't mean I have the ability to call a couple people who can pressure someone at the SEC to speed up the review of an S-1 or can pressure a city council to re-zone agricultural land to residential land to build a housing complex, or (using your earlier Eton example) find a SpAd who can put pressure at the SFO to get them off my back.
And more critically, if I find someone to do that, then my competitor will find out and take me to court, and 2-3 years are burnt in negotiating a settlement.
On the other hand, if someone even finds out that I do something like that in CZ, they have no choice but to roll with it because otherwise they will be frozen out from dealflow or ignored when asking for a favor.
And this is why institutions matter, and degradation of institutions are worrisome, becuase they increase the risk profile of opportunities and incentivize zero-sum thinking.
> The model that is being discussed for the public broadcasters is that they will be financed by a certain fixed percentage of the country's GDP
Yet the power of the purse will be removed from the media and given to the state, thus reducing CT and CRo's independence. This disincentivizes the publication of politically controversial statements.
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Just becuase the US is seeing degradation of institutions does not mean much of Europe is not facing similar problems.
Going to Harvard or Yale doesn't mean I have the ability to call a couple people who can pressure someone at the SEC to speed up the review of an S-1 or can pressure a city council to re-zone agricultural land to residential land to build a housing complex, or (using your earlier Eton example) find a SpAd who can put pressure at the SFO to get them off my back.
And more critically, if I find someone to do that, then my competitor will find out and take me to court, and 2-3 years are burnt in negotiating a settlement.
On the other hand, if someone even finds out that I do something like that in CZ, they have no choice but to roll with it because otherwise they will be frozen out from dealflow or ignored when asking for a favor.
And this is why institutions matter, and degradation of institutions are worrisome, becuase they increase the risk profile of opportunities and incentivize zero-sum thinking.
> The model that is being discussed for the public broadcasters is that they will be financed by a certain fixed percentage of the country's GDP
Yet the power of the purse will be removed from the media and given to the state, thus reducing CT and CRo's independence. This disincentivizes the publication of politically controversial statements.
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Just becuase the US is seeing degradation of institutions does not mean much of Europe is not facing similar problems.
Ignore it at your peril.