Megan McArdle, In Defense of Failure

Americans may worship success, but we’re also good at failing. Nearly three-quarters of all Americans have considered starting their own businesses — compared to fewer than half of Europeans. Silicon Valley executives highlight rather than bury their collapsed start-ups on their resumes. Our corporate and personal bankruptcy systems are the most generous in the world, and New Deal-era financial safeguards let banks collapse without destroying sound institutions or personal wealth. But has the latest economic crisis left us longing for a failure-free system — one in which some organizations are too big to fail, and one that is immune from the natural and corrective cycles of the market? New America Foundation fellow and Atlantic magazine business and economic editor Megan McArdle visited Zócalo to explain why failure — and the ability to do it gracefully — is an essential part of the American economy.