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Appendix III. Creative Destruction

Appendix III. Creative Destruction

Dr. Joseph Schumpeter. Capitalism, Socialism, and Democracy, pp. 82–85, Harper 1975, quoting the original which was published in 1942:

The opening up of new markets, foreign or domestic, and the organizational development from the craft shop and factory to such concerns as US Steel illustrate the same process of industrial mutation if I may use that biological term that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one. This process of Creative Destruction is the essential fact about capitalism. It is what capitalism consists in and what every capitalist concern has got to live in...

Every piece of business strategy acquires its true significance only against the background of that process and within the situation created by it. It must be seen in its role in the perennial gale of creative destruction. . .


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