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> much of their lost decade(s?) was caused by an inability to accept failure, and shut down unproductive firms. Unfortunately, the systemic Japanese malaise wa

> much of their lost decade(s?) was caused by an inability to accept failure, and shut down unproductive firms. Unfortunately, the systemic Japanese malaise was a failure to shut down insolvent financial firms. Kinda like the US today. (Let's face it, the VC ecosystem is mice nuts compared to the greater economy.)

mathattack 15y ago
In Japan it was a 2 tier issue. Insolvent (Zombie) banks were allowed to stay open. They in turn kept many insolvent companies alive. It's a testament to the strength of the Japanese that they kept the game going on for as long as they did. Of course it's not an exact analogy, but I share your concern that in the US we are trending towards a "Keep them open" mentality, rather than a "Try and try again". A recent quote from Michael Jordan has been making the rounds: (& I believe the real @ is much higher than 9000) "I've missed more than 9000 shots in my career. I've lost almost 300 games. 26 times, I've been trusted to take the game winning shot and missed. I've failed over and over and over again in my life. And that is why I succeed."