Creative destruction
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The notion of creative destruction is found in the writings of Mikhail Bakunin, Friedrich Nietzsche, and in Werner Sombart's Krieg und Kapitalismus (War and Capitalism) (1913, p. 207), where he wrote: "again out of destruction a new spirit of creativity arises". In Capitalism, Socialism and Democracy, the Austrian economist Joseph 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.
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See also
- Creativity techniques
- Destruction
- Disruptive technology
- Haussmann's renovation of Paris
- Innovation saturation
- International Innovation Index
- Parable of the Broken Window
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