I don't remember the exact quote or source, but I believe Frank Knight wrote somewhere about how part of what allows any game to continue is some willingness on the part of players to accept a losing outcome without flipping over the game board. So when a businessman is outcompeted, capitalism depends in part on their willingness to quietly go out of business rather than escalate in some other direction. Similarly, democracy seems to require some willingness on the part of the losing party to accept defeat. And Knight, as I recall, argued that while ... (read more)
I don't remember the exact quote or source, but I believe Frank Knight wrote somewhere about how part of what allows any game to continue is some willingness on the part of players to accept a losing outcome without flipping over the game board. So when a businessman is outcompeted, capitalism depends in part on their willingness to quietly go out of business rather than escalate in some other direction. Similarly, democracy seems to require some willingness on the part of the losing party to accept defeat. And Knight, as I recall, argued that while ... (read more)