Albuquerque Journal (Albuquerque, NM)

Capitalism is brutal process.

Byline: Money & Medicine WINTHROP QUIGLEY Of the Journal

What is going on here? In the past few weeks we have seen the death throes of Trans World Airlines, nauseating stock market gyrations, and warnings about the earnings of Cisco, Intel and Microsoft.

We have watched the dot com bubble burst and GM announce Oldsmobile would disappear. Montgomery Ward failed, while Sears and Office Depot closed stores across the country.

In short, we're watching capitalism at its best.

Joseph Schumpeter, the Austrian economist, called it creative destruction. Markets, changing tastes and especially technology destroy the old and inefficient to free up the resources necessary to create the innovative and new. …

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