Joseph Schumpeter shocked many with his forthright views about the power of free markets. The early 20th century Austrian economist once told his students at Harvard University: “Gentlemen, a depression is for capitalism like a good, cold douche”. He was, of course, referring to the forces of creative destruction that drain away weak enterprises during a downturn — and the term for shower. Right now, while a depression is not on the cards, higher interest rates are straining economic activity and a wave of corporate insolvencies are expected. After a decade of rock-bottom rates a Schumpeterian cold shower may not be a bad thing.
约瑟夫•熊彼特(Joseph Schumpeter)关于自由市场力量的直率观点震惊了许多人。这位20世纪初的奥地利manbetx20客户端下载 学家曾对他在哈佛大学(Harvard University)的学生们说：“同学们，萧条对资本主义来说就像一场冰冷的冲洗。”当然，他指的是在manbetx20客户端下载 衰退期间会把弱小企业排挤出去的创造性破坏的力量——“清洗”一词也是如此。目前，虽然manbetx20客户端下载 萧条不太可能发生，但较高的利率正在给manbetx20客户端下载 活动带来压力，预计将出现一波企业破产潮。在经历了十年的低利率之后，熊彼特式的冷水澡也许不是一件坏事。