The essential dynamic of the market economy is that good businesses succeed and bad ones do not. There is a sense in which the bankruptcy of Lehman was a triumph of capitalism, not a failure. It was badly run, it employed greedy and overpaid individuals, and the services it provided were of marginal social value at best. It took risks that did not come off and went bust. That is how the market economy works.John Kay at the Financial Times on Too big to Fail is too Dumb an Idea to Keep.
Widows Mite
-
I get upset when I hear preachers using the example of the Widow’s Mite
when attempting to raise funds for their ministry or church building
programme. I...
2 weeks ago
No comments:
Post a Comment