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

In: Capitalism in the 21st Century Why Global Capitalism Is Broken and How It Can Be Fixed

Author

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  • Donghyun Park

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…

Suggested Citation

  • Donghyun Park, 2019. "JOSEPH SCHUMPETER, CREATIVE DESTRUCTION, iPHONE, UBER, AND COMPETITION AS THE ESSENCE OF CAPITALISM," World Scientific Book Chapters, in: Capitalism in the 21st Century Why Global Capitalism Is Broken and How It Can Be Fixed, chapter 10, pages 46-50, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789813274242_0010
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    More about this item

    Keywords

    Capitalism; Globalization; Inequality; Entrepreneur; Financial Industry; Government; Socialism; Market;
    All these keywords.

    JEL classification:

    • F6 - International Economics - - Economic Impacts of Globalization
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State
    • N2 - Economic History - - Financial Markets and Institutions
    • A1 - General Economics and Teaching - - General Economics
    • F00 - International Economics - - General - - - General

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