“Creative Destruction is the essential fact about Capitalism” J.A. Schumpeter (C.S.D. (1942, p. 83). Capitalism, first and foremost, depends on the amount of Freedom within a Society.
Articles tagged as
Creative Destruction
The Co-Founder of the Moonlight Meadery in Londonderry, Doesn’t Want Your Business
Berniece Van Der Berg is the co-founder of the Moonlight Meadery in Londonderry, New Hampshire, and if you are reading this, the odds are very good she doesn’t want your money.
“Creative Destruction” – the end of my beginning. The beginning of my middle.
Joseph Schumpeter (1883-1950) first coined creative destruction in his work, Capitalism, Socialism, and Democracy. It refers to the process in which technology and innovation create new ways of doing things and, in the process, leave the old ways behind. Technological innovation might destroy entire businesses, industries, or streams of employment while allowing new enterprises to grow in their wake. Schumpeter believed the process of creative destruction, “which essentially revolutionizes the economic structure from within” was the hallmark of capitalism. Marx originally hinted at this idea in Das Capital when he stated that, “the violent destruction of capital was not by relations external to it, but rather as a condition of self preservation.” In a nutshell, Marx believed that the “destruction of capital” was necessary for a blossoming capitalist system.