Opinion by Jennifer Rubin: “Elon Musk's social media failure demonstrates capitalism's creative destruction.”
So what does all this have to do with Musk? Capitalism imposes a discipline on businesses. You run a great company, keep valuable employees productive and please customers? You grow and make money. You create havoc, fire the people who were responsible for your success and annoy customers? You lose. Those employees, especially high-tech workers with skills in high demand, will find new jobs in a robust capitalist system.
There simply might not be billions of people who want a social platform of this type. And that’s part of capitalism, as well. Products and industries go out of fashion; customers spend their money elsewhere. And the economy continues to grow, create more jobs and generate wealth. Capitalism is hardly perfect. A humane society requires regulation, tax policies and a legal framework to curb its excesses and to ensure we open opportunities for all. But ifis the mix of smart public policy and tempered capitalism, then it might be a model for other economies.
And functional, regulated capitalism means that rotten owners such as Musk are going to fail. That’s not a bad outcome.
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