I guess the only counter argument is that a $ today is worth more than a $ in the future (the first thing they teach you in economics schools). In other words if I want to start a project today and I can either a) borrow the money or b) save for 1 year ... if I choose a) and assuming the project's return rate is greater than whatever interest I need to pay on the loan, I will be better off by starting the project today and not delaying for one year.
However, not everything goes well with all the projects and growing with credit borrowed from future savings doesn't always end well (aka look around in Europe, U.S., etc.). Or like Adrian put it:
Yes. Borrowing exposes you to quite a lot of risk. Unfortunately, those making the decisions typically a)Have an ego the size of the titanic and don't believe that anything could possibly go wrong and b)are somewhat shielded from the outcome of bad outcomes of their decisions.