Creative destruction: Difference between revisions
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Latest revision as of 21:11, 17 December 2020
Economics.
Used in a positive sense, creative destruction is the necessary and inevitable process of the decline and failure of outmoded technologies and structures, to be replaced by innovative and better ones.
The term was originated by Joseph Schumpeter, and popularised in his books including the Theory of Economic Development (1911) and Capitalism, Socialism and Democracy (1942).
