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The point of my comment was,

in much earlier institutions of knowledge and excellence,

the only transparent metric was whether or not they approved you.

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That ossifies intellectual monocultures, though. (Or, heaven forbid, if someone has a financial conflict of interest in the private sphere...)
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The current solution doesn’t resist capture by capital either,

and indeed we’re already left with all of the things claimed - the worst of both worlds, really.

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