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单词 creative destruction
释义

creative destruction


creative destruction

The growth of certain industries and disruption of others when a revolutionary new idea takes hold. Automobiles severely impacted the use of horses. Big retail chains caused the demise of many small businesses. As a result of digital technology (personal computers, Internet, mobile devices, etc.), business and society have changed dramatically and continue to do so. See technology gap.

creative destruction


Creative Destruction

A concept in capitalist theory stating that innovation causes failure, but that failure, in turn, creates more innovation. For example, suppose someone invents a better widget. If he/she markets this widget effectively, he/she will eventually drive all previous widget manufacturers out of business. However, this forces older widget manufacturers to create their own innovations that will either keep themselves in business or improve their financial situations in other ways. This is considered one of the most important concepts in capitalism.

creative destruction

see SCHUMPETER.
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更新时间:2024/11/12 4:50:47