Saturday, February 7, 2009

Jacques Rueff on bankruptcy

"Bankruptcy is not merely a moral device or way to achieve equity; it is primarily and especially the condition for the efficiency of the price mechanism, of the economic system which is usually called capitalism. The system would collapse without it, deprived of the sole compulsion which obliges the individual to bring his otherwise unimpeded activities into conformity with the conditions necessary for the survival of the system"

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