Creative - not total - destruction: a rant

"When Joseph Schumpeter published The Theory of Economic Development and identified the business cycle and the losses and gains associated with creative destruction he was analyzing firms and industries, not economies as a whole. Capitalism requires investors to take risks. Some will be winners and some will be losers. If the system works properly, the gain on the whole will offset the losses. If everyone, or a disproportionate number, become losers all at once the system breaks down."