JOSEPH SCHUMPETER, CREATIVE DESTRUCTION, iPHONE, UBER, AND COMPETITION AS THE ESSENCE OF CAPITALISM

Donghyun Park

Chapter 10 in Capitalism in the 21st Century:Why Global Capitalism Is Broken and How It Can Be Fixed, 2019, pp 46-50 from World Scientific Publishing Co. Pte. Ltd.

Abstract: The likes of Steve Jobs, Bill Gates, and Larry Page make for much better advertisements for the virtues of capitalism. These Silicon Valley titans created entirely new products and industries through their visionary entrepreneurship. They are the modern-day Andrew Carnegies, John Rockefellers, and Henry Fords, the men who built America. Both groups of audacious, big-thinking, larger-than-life dreamers and risk takers embody the very best of capitalism — the dynamic, regenerative capitalism championed by Joseph Schumpeter. In his 1942 masterpiece Capitalism, Socialism and Democracy, the great Austrian economist envisioned capitalism as a process of creative destruction whereby new firms, industries and products arise to better serve human needs. In the process, they destroy old firms, industries and products, but overall that creative, regenerative destruction improves the quality of our lives and propels mankind forward…

Keywords: Capitalism; Globalization; Inequality; Entrepreneur; Financial Industry; Government; Socialism; Market (search for similar items in EconPapers)
JEL-codes: A1 F00 F6 N2 P16 (search for similar items in EconPapers)
Date: 2019
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