jcsok wrote:Adeans - of the Russian loan from the IMF, was any of it repaid?
What of the parabolic nature of IMF loans... 1 billion to 10 billion in the 1990's, now the world doesn't mind throwing around 300-400 billion.
thomasglee wrote:Curious, have you read "The Innovator's Dilemma"? It's interesting to see that even companies go through their own versions of Generational Dynamics. I guess that's natural, but within some industries, the generational changes seem to occur more rapidly than they do in society.
thomasglee wrote:Furthermore, the bailouts of the ones you mention, did have somewhat of a trickle down effect and therefore indirectly bailed out others (their suppliers). Not saying that was a good thing.
Higgenbotham wrote:thomasglee wrote:Curious, have you read "The Innovator's Dilemma"? It's interesting to see that even companies go through their own versions of Generational Dynamics. I guess that's natural, but within some industries, the generational changes seem to occur more rapidly than they do in society.
Thomas, I haven't read it. Maybe the closest I came was reading The Spirit of Enterprise by Gilder. I seem to remember his description of "the fetid bins of creation". I think that's apt. Innovation is a beautiful thing, but it is also dirty, hard and desperate work. Gilder captures that spirit.thomasglee wrote:Furthermore, the bailouts of the ones you mention, did have somewhat of a trickle down effect and therefore indirectly bailed out others (their suppliers). Not saying that was a good thing.
I agree with this. It's a "bailout economy" more or less.
The entrepreneurial start-up is the most creative domain in American enterprise largely because it affords the best learning experience. A man who builds a company from scratch acquires a depth of understanding of what makes it work that an imported chief executive, however effective his management information systems, however many cases he has explored in depth at the Harvard Business School, cannot easily command. The entrepreneur gains a dynamic and integrated view of his company and a realistic view of enterprise.
Because he started in rebellion against established firms, he bears a natural skepticism toward settled enterprise. Because he had to make scores of decisions before all the information was in, he recognizes that enterprise always consists of action in uncertainty. The entrepreneur prevails not by understanding an existing situation in all its complex particulars, but by creating a new situation which others must try to comprehend. The enterprise is an aggressive action, not a reaction. When it is successfully launched, all the rest of society - government, labor, other businesses - will have to react. In a sense, entrepreneurship is the creation of surprises. It entails breaking the looking glass of established ideas - even the gleaming mirrors of executive suites - and stepping into the often greasy and fetid bins of creation.
In the entrepreneur's contrarian domains, he needs most of all a willingness to accept failure, learn from it, and act boldly in the shadows of doubt. He inhabits a realm where the last becomes first, where supply creates demand, where belief precedes knowledge. It is a world where expertise may be a form of ignorance and the best possibilities spring from a consensus of impossibility. It is a world where service of others - solving their problems and taking on new ones for yourself - is the prime source of leadership and growth. It is a world where bankruptcies can serve as an index of growth, large setbacks as a portent of large gains, and stability as a precursor of failure - where other people's garbage is your wealth and sand is often a richer resource than gold. It is a world where unit losses can indeed be made up by volume, where low profit margins lead to the largest profits, and where giving is the rule of highest returns. A world rarely penetrated by any economist, it is yet the very center of all economic life.
The spirit of enterprise wells up from the wisdom of the ages and the history of the West and infuses the most modern of technological adventures. It joins the old and new frontiers. It asserts a firm hierarchy of values and demands a hard discipline. It requires a life of labor and listening, aspiration and courage. But it is the source of all we are and can become, the saving grace of democratic politics and free men, the hope of the poor and the obligation of the fortunate, the redemption of an oppressed and desperate world.
Users browsing this forum: Google [Bot] and 2 guests