..the people who are officially not picking winners now, but effectively are. It's time now for small businesses because small businesses are now at a massive

..the people who are officially not picking winners now, but effectively are. It's time now for small businesses because small businesses are now at a massive disadvantage relative to large institutions, for reasons that are unrelated to underlying economics. It's time now for the VC market, because VC capital is an essential ingredient for making the next generation of companies. If you looked at your major companies in 1978, there aren't many that needed VC to exist in order to be. If you go through the exercise now, you will find that a decent portion of your economy may have hinged on closing a few small (in financial markets terms) on getting funded by VCs at some point. The liberal purist would probably argue that the availability of VC money is directly proportional to the potential returns to that money, which is in turn proportional to the value to the economy. I'm agnostic about this in abstract terms. It might be true. In practice though, I think it isn't true. The financial market are limited by, but not shaped by economics. They exist almost outside the economy. That's why we have financial bubbles.