Joseph Schumpeter - Creative Destruction
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What keeps capitalism alive?
New consumer goods, new types of transportation and technology, new methods of production, new markets and new forms of industrial organisation etc.
What is creative destruction?
Schumpeter argues that industrial innovation and new technologies revolutionise the markets from within, destroying the old capitalist structure and creating new one.
What is the process of capitalism like?
The essential point of Schumpeter's theory is that capitalism is not a static process but an evolutionary process that is always changing, driven by innovation.
