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Capitalism requires] the perennial gale of Creative Destruction. [24] In Schumpeter's vision of capitalism, innovative entry by entrepreneurs was the disruptive force that sustained economic growth, even as it destroyed the value of established companies and laborers that enjoyed some degree of monopoly power derived from previous technological ...
In Schumpeter's theory, Walrasian equilibrium is not adequate to capture the key mechanisms of economic development. Schumpeter also thought that the institution enabling the entrepreneur to buy the resources needed to realize his vision was a well-developed capitalist financial system, including a whole range of institutions for granting credit .
Schumpeter's theory is that the success of capitalism will lead to a form of corporatism and a fostering of values hostile to capitalism, especially among intellectuals. The intellectual and social climate needed to allow entrepreneurship to thrive will not exist in advanced capitalism; it will be replaced by socialism in some form.
Neo-Schumpeterian economics is a school of thought that places technological innovation at the core of economic growth and transformation processes. It is inspired by the work of Joseph Schumpeter who coined the term creative destruction for the continuous introduction of technological change that drives growth by replacing old, less productive structures with new, more productive ones.
Mario Amendola and Jean-Luc Gaffard: "The Market Way to Riches: Behind the Myth", Edward Elgar, Cheltenham, 2006 Thomas McCraw: "Prophet of Innovation: Joseph Schumpeter and Creative Destruction", Harvard University Press, Cambridge, MA and London, 2007 2010 Bart Nootebomm: "A cognitive theory of the firm. Learning, governance and dynamic ...
Creative destruction within a company is not destruction for its own sake. It’s a strategic approach to help employees become the best versions of themselves. I spark creative destruction within ...
Schumpeter believed that, whatever the empirical evidence, capitalist world trade could in principle expand peacefully. Where imperialism occurs, Schumpeter asserted, it has nothing to do with the intrinsic nature of capitalism itself, or of capitalist market expansion. The distinction between Schumpeter and Marx here is subtle.
One Trump official who requested anonymity to discuss plans told Reuters in November that the administration would have "a willingness to be creative" when it came to unlocking new enforcement powers.