What are examples of creative destruction

creative destruction

Joseph Alois Schumpeter
creative destruction.
The Austrian economist and social scientist lived from 1883 to 1950. He was a professor from 1909, among others in Graz (1911 to 1919), Bonn (1925 to 1932) and from 1932 at Harvard University (USA). Schumpeter developed a theory of the economic development of the capitalist economic system, which he explained in terms of internal economic changes. These changes are based primarily on "dynamic entrepreneurs" who implement innovations, achieve pioneering profits and bring about an economic upswing. This process of "creative destruction" enables growth and technical progress. Schumpeter thus made an important contribution to business cycle theory. But he also feared the end of capitalism, since the innovative process would weaken mainly through bureaucratisation in companies and an increased role for the state. Schumpeter is considered one of the most influential economists of the 20th century.
Term coined by the Austrian economist Joseph Alois Schumpeter (* 1883, † 1950) for the process of constant renewal and improvement of production processes and products triggered by competition. Schumpeter sees the process of creative destruction, in which old goods and production processes are constantly being replaced by new ones, as the engine of economic development. The creative, imaginative entrepreneur plays a central role here, who repeatedly drives economic and technical progress forward through new ideas and the use of new production methods, techniques and processing options.

Duden Wirtschaft from A to Z: Basic knowledge for school and study, work and everyday life. 6th edition. Mannheim: Bibliographisches Institut 2016. Licensed edition Bonn: Federal Agency for Civic Education 2016.