Decades of deregulation and debt taught every institution to manage risk instead of producing value. The result is an economy that still moves trillions but cannot take a risk that isn’t pre-approved by a template. Even rebellion has an application form now.

1. Venture Capitalism (pre-2008)
   
   
   • Alpha driven by : Risk and discovery.
   
   
   • Example : Early Google, Genentech, small funds, asymmetric bets.
   
   
   • Purpose : Generate outsize returns on investment.


2. Venture Developmentalism (2008-2020)
   
   
   • Alpha driven by : Coordination under the state.
   
   
   • Example : Uber, Airbnb,