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Creative Destruction



March 06, 2008 – Comments (1)

Working with heavy industry gave me a profound appreciation of the central dynamic of capitalism. "Creative Destruction" is an idea that was articulated by the Harvard economist Joseph Schumpeter in 1942. Like many powerful ideas, his is simple: A market economy will incessantly revitalize itself from within by scrapping old and failing businesses and then reallocating resources to newer, more productive ones. I read Schumpeter in my twenties and always thought he was right, and I have watched the process at work throughout my entire career.

Alan Greenspan, from 'The Age of turbulence'.

I guess this is the "Destruction" phase.

Devoish, who has always believed the world runs in cycles and has always preferred to avoid the extremes.

1 Comments – Post Your Own

#1) On March 06, 2008 at 2:08 PM, Tastylunch (28.56) wrote:

yup unless the government steps in to bail these losers (Countrywide, WCI etc) out, then we just get the "destruction" but none of the "creative" benefits.

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