Thursday, July 4, 2013

A Kodak moment.......................

While discoursing on the intersection of Russian state capitalism (in the form of Gazprom) and the shale revolution, Schumpeter says:

"Perhaps, like so may fictional ghosts, the spectre of shale has come to deliver a timely warning:  that if you invest your profits in fattening monopolies rather than promoting innovation you are likely to be humiliated."

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