In past articles, I have often mentioned how new business creates jobs. If you remember a couple of my rants on immigration (and my belief that there should be MORE) you may remember me discussing the benefits to the USA of jobs created by ambitious immigrants who have started and grown big companies.
Innovation is a big part of business and what obviously, creates new business. Check out this… interesting video from BusinessWeek discussing innovation:
In capitalism, outdated companies tend to fail; so do companies that overstretch themselves. Therefore, don’t be surprised by the failure of Bear Stearns or Lehman Brothers. I’m just surprised that they paid so much for failure – I mean, I’d like to ask these companies’ boards of directors: why hire Harvard MBA’s to blow up your company when you could get people at much lower salaries to do the same work for you?
back to my point – in capitalism, you also have constant new births of companies. Many fail for many reasons but a good number stay in business. This is what we need to facilitate and encourage, and this is what innovation will do.
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