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Capitalism is dead
Schumpeter: "capitalism is a form of private property economy in which innovations are carried out by means of borrowed money, which in general, though not by logical necessity, implies credit creation."
In the VC-based innovation model — the most successful innovation strategy to-date — startups don't borrow money and as a result, there's no credit creation. The entire process of value creation in hi-tech is fundamentally different from what is being covered in mainstream economics/finance.
I wonder whether the progressive bend of most successful technology companies originates in their own experience that has little to do with classical capitalism.
In the VC-based innovation model — the most successful innovation strategy to-date — startups don't borrow money and as a result, there's no credit creation. The entire process of value creation in hi-tech is fundamentally different from what is being covered in mainstream economics/finance.
I wonder whether the progressive bend of most successful technology companies originates in their own experience that has little to do with classical capitalism.