Creative destruction  

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A Scheme for abolishing all Words is one of the wittiest and smartest comments on semantics. (Illustration: extreme close-up from the movie "The Big Swallow" (1901), produced and directed by James Williamson (1855-1933)
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A Scheme for abolishing all Words is one of the wittiest and smartest comments on semantics. (Illustration: extreme close-up from the movie "The Big Swallow" (1901), produced and directed by James Williamson (1855-1933)

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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