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The Greatest American Financial Innovation: Easy Bankruptcy

November 2, 2010 10 comments

I am making this old post sticky for a couple of days.

The most important american financial/social innovation is – easy bankruptcy. Yes, that is right. In no other culture/ nation is it (or was it) so easy for people or business to declare bankruptcy and rebuild their lives.

A major stumbling block for innovation in asian and to some extent european cultures is that they have almost no concept of second and third chances. Since, most innovators rarely get it right the first time around, cultures that make it impossible or hard for innovators to have multiple tries lose out on innovation.

Properly analysed failures are often the stepping stone to subsequent success, but only IF second or third chances exist.

Asian cultures, with their traditional hive-mind zero sum stupidity, are the worst affected by this flaw. European cultures are less affected, but have still lost many chances because of traditional zero-sum beliefs about money.

Comments?

NSFW Links: Nov 2, 2010

November 2, 2010 Leave a comment

The following links are NSFW.

Ladislava from FemJoy: Naked Ballet

Self Shots: Nov 02, 2010

Enjoy!

Categories: Uncategorized