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Reforming capital markets
改革资本市场
It is true that Britain generates world-class(世界级的) innovation but consistently(一贯地) fails to capture the economic returns from it (“In-no-vation nation”, April 11th). Your diagnosis of high costs, regulatory hurdles and a shortage of domestic late-stage investment is incomplete. The problem of capital flight(资本外逃) is, more precisely, one of capital-markets architecture and governance frameworks(治理框架).
诚然，英国产生了世界一流的创新，但却始终无法从中获取经济回报（《无创新之国》，4月11日）。你将其归因于高成本、监管障碍以及国内后期投资短缺，这一诊断并不全面。资本外逃问题更准确地说是资本市场架构和治理框架的问题。
The question is not: how do we stop British companies from leaving Britain? That wrongly frames the issue as(将问题框定为) one of national industrial policy(产业政策). Instead we should be asking why do companies born from British innovation and British university education conclude that British capital markets cannot support their growth?
问题不在于：我们如何阻止英国公司离开英国？这错误地将问题框定为国家产业政策问题。相反，我们应该问：为什么诞生于英国创新和英国大学教育的公司会断定英国资本市场无法支持它们的增长？
Best of frenemies
亦敌亦友
Bentham’s nonsense on stilts
边沁的“高跷上的胡言”
Mathematics and AI
数学与人工智能
Voting with their feet
用脚投票
The decline and fall
衰落与倾覆
Smooth operator
顺风顺水的人
It’s no yolk
不是蛋黄（双关语）