德索托的理论依然重要，因为它提醒我们，资本不是凭空产生的，而是制度信任的结果。产权是市场经济的基础，没有产权就没有资本形成，也没有长期投资。他的实践也曾奏效，1990年代的改革曾让秘鲁从崩溃边缘走向增长轨道。问题在于，产权需要制度来保护，而制度建设远比产权登记困难。
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But success breeds expectation, and expectation carries its own cruel weight. Arsenal tore Villa apart in a 4-1 win in late December and victories have been hard to come by in the new year – they have only won three of their last nine league games. Liverpool, Manchester United and Chelsea are still below them in the table but the gap is narrowing. With games against United and Chelsea coming in March, the top-three spot Villa have occupied since they beat Wolves in late November suddenly looks in jeopardy. So does their place in the Champions League next season.
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