Financial Poise

Creative Destruction

  • December 2, 2022
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Creative destruction theory assumes the need to discard old ideas or methods to pave the way for innovative technologies. Creative destruction most often describes capitalism’s evolution. For example, blacksmithing and basketweaving might once have been essential occupations. As mass production and industrialization took over,  designing and assembly overtook such jobs. Joseph Schumpeter (1883–1950) came up with the concept.