Creative destruction (German: schöpferische Zerstörung) is a concept in economics that describes a process in which new innovations replace and make obsolete older innovations. The concept is usually identified with the Austrian economist Joseph Schumpeter, who derived it from the work of Karl Marx and popularized it as a theory of economic innovation and the business cycle.
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- en.wikipedia.org Creative destructionPart of the politics series on. Neoliberalism. Capitalism portal. Economics portal. Politics portal. v. t. e. Creative destruction (German: schöpferische Zerstörung)...
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