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.
約瑟夫•熊彼特(Joseph Schumpeter)關於自由市場力量的直率觀點震驚了許多人。這位20世紀初的奧地利經濟學家曾對他在哈佛大學(Harvard University)的學生們說：「同學們，蕭條對資本主義來說就像一場冰冷的沖洗。」當然，他指的是在經濟衰退期間會把弱小企業排擠出去的創造性破壞的力量——「清洗」一詞也是如此。目前，雖然經濟蕭條不太可能發生，但較高的利率正在給經濟活動帶來壓力，預計將出現一波企業破產潮。在經歷了十年的低利率之後，熊彼特式的冷水澡也許不是一件壞事。