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by Doug MataconisFrom the Cato Institute’s Daniel Mitchell:
If investors put money into a well-run company, they can increase their wealth. But if they put their money into a poorly run firm, the opposite can happen. In other words, market forces encourage people to make smart decisions so they can prosper. But it is equally important that people bear the consequences when they make wrong choices. Capitalism without bankruptcy (or losses) is like religion without Hell.
It’s the “cronie-capitalism” of Japan that we so mocked during the East Asian crisis.
Comment by freewheeler — October 1, 2008 @ 8:12 am