Page "Creative destruction" Paragraph 17

The expression " creative destruction " was popularized by and is most associated with Joseph Schumpeter, particularly in his book Capitalism, Socialism and Democracy, first published in 1942.

Already in his 1939 book Business Cycles, he attempted to refine the innovative ideas of Nikolai Kondratieff and his long-wave cycle which Schumpeter believed was driven by technological innovation.

Three years later, in Capitalism, Socialism and Democracy, Schumpeter introduced the term " creative destruction ", which he explicitly derived from Marxist thought ( analysed extensively in Part I of the book ) and used it to describe the disruptive process of transformation that accompanies such innovation: