ClippingKK

The Bolshevik Revolution advertised its aim as replacing the exploitative economic system of tsarist Russia with a more just and efficient one that would bring freedom and prosperity to millions of Russians. Alas, the outcome was the opposite, and much more repressive and extractive institutions replaced those of the government the Bolsheviks overthrew. The experiences in China, Cuba, and Vietnam were similar. Many noncommunist, top-down reforms fared no better.

坦白讲，我常说我们是典型的想做A，但做成了B，后来在C上成功，有可能在D上变得伟大。这句话的本质逻辑是：成与不成跟事有关系，但是也没有关系。当年大家对我们的评判和分析，认为我们值不值得投资，好或不好，都是基于事。比如之前报道分析为什么我们的格子铺很火爆或者格子铺的问题是什么，但是对我来讲，只要我们团队还在，我们一直在成长、一直在学习，就没有问题，因为我们现在做的事早就不是格子铺了。2010年的泡泡玛特，跟2012年、2016年、2020年或者2025年的泡泡玛特都不一样。重要的是找到真正优秀的团队或者志同道合的人，然后大家会根据世界的变化去改变

History is key, since it is historical processes that, via institutional drift, create the differences that may become consequential during critical junctures. Critical junctures themselves are historical turning points. And the vicious and virtuous circles imply that we have to study history to understand the nature of institutional differences that have been historically structured.

现在的唐帝国，距离安禄山起兵叛乱已经半年多了，各地部队都面临着失控的风险，尤其是眼皮底下的西北边镇精锐，哥舒翰甚至已经公开处死皇帝新派来的官员，皇帝怎么还敢对这种试探无动于衷呢？唐玄宗此刻能做的，就是趁着还控制得住潼关守军，赶紧命令他们出战，争取一举消灭洛阳方向的燕军，打通漕运线。只有漕运回归正常，唐帝国才有可能像以前一样，通过牢固控制全国军队的后勤，来约束住各地蠢蠢欲动的军头

their density in New South Wales was insufficient for the creation of an economy based on their exploitation. There was no Latin American option in Australia. The guards thus embarked on a path that would ultimately lead to institutions that were even more inclusive than those back in Britain. Convicts were given a set of tasks to do, and if they had extra time, they could work for themselves and sell what they produced.

光翙被杀后，王承业害怕重蹈覆辙，并不会第一时间出兵河北打击安禄山，加之朝廷猜忌安禄山曾经挂名节度使数年的河东镇存在不可靠分子，这些因素都会大大影响河东镇发挥作用。事实上，王承业整个任期内都没能做出有效的部署，直到第二年初李光弼成为新任河东节度使，才对叛军做出有效应对。这样一来，太原方向对于叛军侧后的威胁就被延后

sustained economic growth requires innovation, and innovation cannot be decoupled from creative destruction, which replaces the old with the new in the economic realm and also destabilizes established power relations in politics. Because elites dominating extractive institutions fear creative destruction, they will resist it, and any growth that germinates under extractive institutions will be ultimately short lived.

growth under authoritarian, extractive political institutions in China, though likely to continue for a while yet, will not translate into sustained growth, supported by truly inclusive economic institutions and creative destruction.