Eastman Kodak and the once-thriving community of Rochester, N.Y., that it supported, for example, have been driven to ruin not by predatory private equity firms but by simple competition. The drivers of that competition?the digital photography industry?are classic entrepreneurial ?good guy? capitalist job creators. And yet they destroyed jobs even as they created jobs. My neighborhood growing up was filled with photo developers and copy shops, now all gone. Apple and Google look like job-creating good guys to Americans, but from the vantage point of Espoo, Finland, or Waterloo, Canada, they?re destroying Nokia and Research in Motion. Radio, broadcast television, cable, and the Internet all count as technological advances that have helped the economy and improved America?s quality of life. But they?ve harmed newspapers and led to endless rounds of publishing-industry layoffs.
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