"So, market capitalism is an evolutionary system in which prosperity emerges through a positive feedback loop between increasing amounts of innovation and increasing amounts of consumer demand. Innovation is the process by which we solve human problems, consumer demand is the mechanism through which the market selects for useful innovations, and as we solve more problems, we become more prosperous. But as we become more prosperous, our problems and solutions become more complex, and this increasing technical complexity requires ever higher levels of social and economic cooperation in order to produce the more highly specialized products that define a modern economy. Now, the old economics is correct, of course, that competition plays a crucial role in how markets work, but what it fails to see is that it is largely a competition between highly cooperative groups -- competition between firms, competition between networks of firms, competition between nations -- and anyone who has ever run a successful business knows that building a cooperative team by including the talents of everyone is almost always a better strategy than just a bunch of selfish jerks."
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Businesspeople from the United StatesPhilanthropists from the United StatesNon-fiction authors from the United StatesJews from the United StatesPeople from New York City
Original Language: English
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The dirty secret of capitalism -- and a new way forward | Ted Talk, (July 2019)
https://en.wikiquote.org/wiki/Nick_Hanauer
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Nick Hanauer
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