> To what end? And how efficiently? If there is one lesson from the last millennium, it's that innovation has poor economies of scale and is stifled by centrali

> To what end? And how efficiently? If there is one lesson from the last millennium, it's that innovation has poor economies of scale and is stifled by centralisation. I would not say that has been the lesson at all. For pricing, sure, but "innovation" writ large as a concept? I'm skeptical. I don't see how spending numbers alone proves anything about the level of innovation. Plus, if innovation is "stifled by centralisation," why do you go on to speak so positively of VC/private equity, among the most consolidated and least liquid of all capital markets. Further, hasn't the volume of VC funding actually gone down in recent years, indicating increased central allocation of funds?