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As noted by Kopp (2021), creative destruction is the dismantling of long-standing practices to make way for innovation and is seen as a driving force of capitalism. This term was first used in 1942 by Joseph Schumpeter, an Austrian economist. Creative destruction is essential for the positive advancement of every modern economy because it creates opportunities. It is a trend that helps innovation and the development of new technologies advance.
Schumpeter once said, “those periods when things are in flux” he was referring to a fundamental belief about what makes capital great (Hart, 2002, p. 24). Through the creative destruction process, innovators and strategists focus on rapid new product development to protect their competitive area (Guiltinan, 2009). The development and dissemination of new technologies exist because something older was in place, and innovators wanted to make it better and more sustainable. For example, with the evolution of environmentally friendly products, customers want more sustainability or can keep longer (Guiltinan, 2009). They also can create different ways of recycling cost-effectively. Sometimes with creative destruction and the development of new technologies, technology could be phased out, and machines could replace working people.
Reference
Guiltinan, J. (2009). Creative destruction and destructive creations: Environmental ethics and planned obsolescence: JBE. Journal of Business Ethics, 89, 19-28. doi:
https://doi.org/10.1007/s10551-008-9907-9
Hart, S. L. (2005). INNOVATION, CREATIVE DESTRUCTION AND SUSTAINABILITY.
Research Technology Management, 48(5), 21-27. Retrieved from
https://ezproxy.regent.edu/login?url=https://www-proquest-com.ezproxy.regent.edu/scholarly-journals/innovation-creative-destruction-sustainability/docview/213803608/se-2?accountid=13479
Kopp, C. M. (2021, June 21). Creative Destruction. Investopedia.
https://www.investopedia.com/terms/c/creativedestruction.asp
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