Definition of Creative Destruction

✅  Related keywords: Schumpeter, innovation, progress

📖  What is Creative Destruction?

A continuous process in which new products and processes replace long-standing old products and processes. Creative destruction is a driving force in our economy. The most drastic example of creative destruction of our time is the internet, which reshaped not only retail but many different markets. The term was originally used by Economist Joseph Schumpeter.