Tesla's success proves that what America needs is business, business, and more business
In many ways, the American economy became more sclerotic. Corporate concentration increased, with more industry sectors dominated by a small handful of firms. All the stories about the furious innovation coming from Silicon Valley and other tech-dominated regions aside, the start-up economy continued its long, slow collapse. The number of IPOs has fallen, and there are now half as many publicly listed businesses as there were in the late 1990s.
Now that the 2010s are in the books, many analysts, commenters, economists, and politicians are reviewing the decade and finding American capitalism at best severely damaged and at worst in a terminal "late" phase, ready to at last fulfill Marx's prophesy and head for the ash heap of history. So what would it take to revive the country's entrepreneurial energy? Well, Tesla has in Musk an early investor who didn't seem to care if he lost everything. Today's market valuation notwithstanding, the company continues to run close to the edge, with only about $5 billion in cash on hand and a portfolio that consists of just one new vehicle, the Model 3.
Remember that Joseph Schumpeter's perennial gale of creative destruction — the Austrian economist's colorful description of capitalism's natural condition — requires, you know, aThe motivators of American business need to fill the nation's sails with wind, moving the small boats that might someday grow large enough to head for open water.
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