creative destruction
(en)
the incessant product and process innovation mechanism by which new production units replace outdated ones; coined by Joseph Schumpeter in 1942 as "the essential fact about capitalism"
his concept of gales of "creative destruction" that sweep through the economy. Torn asunder by the entrepreneurial utilization of technology, continual organizational innovation, and the rigors of competition, businesses rise and fall, driving the business cycle over time
notable
7 years ago