A Capitalist's Letter to President Obama [View article]
An historic look at GM is instructive. It grew out of the chaos of hundreds of car companies, absorbing or merging with dozens as most others fell by the wayside. This eventually resulted in it becoming the most successful vehicle manufacturer in the history of the world. But it, too, ultimately succumbed to what the economist Schumpeter described as, "Profit is a penalty." The problem now is to not let it and others like it fail risks our entire economy.
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An historic look at GM is instructive. It grew out of the chaos of hundreds of car companies, absorbing or merging with dozens as most others fell by the wayside. This eventually resulted in it becoming the most successful vehicle manufacturer in the history of the world. But it, too, ultimately succumbed to what the economist Schumpeter described as, "Profit is a penalty." The problem now is to not let it and others like it fail risks our entire economy.
May 07 10:59 am
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