Foreword

Capitalism is the political system based on the recognition of individual rights, including property rights. It is the most productive political system in history. Of all modern industries, the computer business most vividly reflects the benefits of capitalism, and on average it has enjoyed free capital and employment flows and comparatively little regulation. This has made it a home for entrepreneurs and others who think out of the box—innovators in products, marketing, finance, distribution, and corporate organization. The computer business never stands still, and it shatters all conservative estimates of its possibilities.

In 1943, Thomas Watson, then chairman of IBM, said famously, “I think there is a market for maybe five computers ...

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