Sunday, April 22, 2007

The Predators of Capitalism

The Baltimore Sun has a book review of Thomas K McCraw's "Prophet of Innovation: Joseph Schumpeter and Creative Destruction" in which is found this quote that I found worth repeating:

"Economists from Adam Smith on have recognized the importance of business competition. Schumpeter's contribution was to look closer, to see an ecological system in which some companies must die for others to thrive.

"Entrepreneurs are the system's predators, the force behind creative destruction. Henry Ford killed the carriage industry. Seiko put the Swiss watch business on its heels. Craig's List and are swiping newspapers' bread and butter, classified ads."


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