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1·The initial endowment of the Carnegie Corporation, at $125m ($3 billion in today’s money), exceeded the total value of all American foundations at the time.

卡耐基基金会最初的一笔捐赠为1.25亿美元（在今天价值30亿美元）超过了当时全美所有基金会总共的价值。

2·During transition, certain initial institution endowment is the logical starting line for a specific area, which determines the possible institution evolution direction.

在转轨时期，特定地区的初始制度禀赋构成该地制度演进的逻辑起点，它规定了制度演进的可能方向；