Meaning of creative destruction | Babel Free

Definitions

The process of industrial mutation that continually revolutionizes the economic structure from within.

uncountable

Examples

“Like⟳ all major industrial advances, the telecomputer is an instrument of creative destruction. All the likely victims are mobilizing to prevent⟳ their own⟳ destruction. It is unsure how soon the creators will win⟳.”

“There may be additional explanations for the acceleration of structural economic change⟳. What counts, however, is the result⟳: Schumpeter’s ‘creative destruction’ – the displacement of old skills, trades and entire industries with their dependent localities, by more efficient new skills, trades and entire industries – is now apt to span years, often very few years, rather than generations.”

“If creative destruction allows fast economic growth without generating serious inflation, then it might make⟳ sense⟳, for example, to put⟳ high values on the shares of companies that will do well in such an unusual environment.”

“Creative destruction, the term coined by economist Joseph Schumpeter to describe⟳ the workings of innovation and technology, justly became a buzzword of the New Economy. Many new companies have⟳ been created; almost as many will be destroyed.”

“New-media thinkers, with their appetite for disintermediation and creative destruction, implicitly endorse and advance this transformation.”

“More than the much-remarked squeeze⟳ on working-class jobs in areas of the economy such as manufacturing, [Edward] Luttwak saw⟳ an accelerated “creative destruction” affecting clerical jobs in white-collar data-heavy industries such as banking that were being disrupted by capital's “Schumpeteresque” technology-assisted modernisation as they were digitised.”

“Tech workers know⟳ that creative destruction is part and parcel of working in a highly innovative industry. That is also why, despite the anxiety around job losses, new openings will arise⟳.”

CEFR level