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As I read this it strikes me how much even the height of capitalism is a participatory, integrated, community-based culture. And how much the actions of a few
by russnewcomer 11y ago
As I read this it strikes me how much even the height of capitalism is a participatory, integrated, community-based culture. And how much the actions of a few can arbitrarily affect so many.
Interesting lesson for the startup scene of today, (which I am not a part of, so I don't really know) is what would happen if a large fund (Say, a18z) suddenly looked for exits for ALL of their portfolio companies. Would Silicon Valley see a similar crash to the Panic of 1857?
- fiatmoney 11y agoA VC firm typically has many "funds" that are locked up for particular lengths of time. Since that money is locked up & they are taking a percentage off the top, as well as a portion of any profits on exit, there is very little incentive for them to liquidate & take a loss early, unless the invested-in company is close to going bankrupt anyway.
- jfarmer 11y agoYou might enjoy Karl Polanyi's The Great Transformation if you haven't read it. https://en.wikipedia.org/wiki/The_Great_Transformation_(book) https://en.wikipedia.org/wiki/The_Great_Transformation_(book...