New technology—and a lack of clear rules—meant some new fortunes were made, even as others were lost. There’s a lot to like about these kinds of markets. Entry is often cheap, and exit is often swift. Competition can be fierce. And inefficiency can be fatal, so improvements can happen quickly.
The ideas, practices, and technologies that survive in these rough waters can eventually disrupt and improve older and calmer markets. As I’ve said previously in the context of  Debora L. Spar, Ruling the Waves: From the Compass to the Internet, a History of Business and Politics along the Technological Frontier (New York: Harper Business, 2003), 9.