Dr.
Joseph A. Schumpeter, the former Austrian Minister of Finance
and Harvard Business School professor stated that capitalism
is "creative destruction." In other words, capitalism is a perpetual
cycle of destroying old, less-efficient businesses and ideas and
replacing them with new, more-efficient ones. This feature of
capitalism is inevitable and unavoidable. It is the reason for the
record number of bankruptcies we're seeing today. People and
companies are clinging to old, obsolete ideas and are being dragged
down to failure by them. Yet they still won't let go.