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“Crises, especially severe crises, have a purgative effect. In the business world, insolvent businesses that adopted a bad strategy close down, and bad loans are written off. Then lenders can lend with a new confidence again. This is the process that Joseph Schumpeter celebrated as creative destruction.”
― The Creation and Destruction of Value: The Globalization Cycle
― The Creation and Destruction of Value: The Globalization Cycle
