[necrecious]

I thought one of the biggest advantage of US financial system is for people to take risks with their business but can fail without a huge hit on their future, i.e. bankruptcy.

Without this attitude, you'll have people that is a lot more hesitant to start a business.

[_delirium]

Yeah, there's been some research on this, showing a positive relationship between how "forgiving" a country's personal bankruptcy laws are and the level of entrepreneurship in that country: http://aler.oxfordjournals.org/cgi/content/abstract/ahn008v1

[arvinjoar]

Taking undue risks is not a good thing. The greatest thing about a makret economy is that there is both profit and loss. Loss is to keep you from producing things no-one really wants, and is important. Without any risk, sure, people could do creative things they wouldn't have odne otherwise, sure. But you would soon see that the value produced in a society like that would be very small compared to a society where you have to turn a profit.