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    What is the "Theory of Creative Destruction"?

    Question #112334. Asked by clarod. (Jan 23 10 9:00 AM)


    JaneofGaunt

    		Creative destruction is an economic theory of innovation and progress, introduced by German sociologist Werner Sombart and elaborated and popularized by the Austrian School economist Joseph Schumpeter.

    In Capitalism, Socialism and Democracy, Schumpeter popularized and used the term to describe the process of transformation that accompanies radical innovation. In Schumpeter's vision of capitalism, innovative entry by entrepreneurs was the force that sustained long-term economic growth, even as it destroyed the value of established companies that enjoyed some degree of monopoly power.

    http://en.wikipedia.org/wiki/Creative_destruction

    Jan 23 10, 10:07 AM

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