Page "Creative destruction" Paragraph 37

: The effect of continuous innovation [...] is to devalue, if not destroy, past investments and labour skills.

Creative destruction is embedded within the circulation of capital itself.

Innovation exacerbates instability, insecurity, and in the end, becomes the prime force pushing capitalism into periodic paroxysms of crisis.

[...] The struggle to maintain profitability sends capitalists racing off to explore all kinds of other possibilities.

New product lines are opened up, and that means the creation of new wants and needs.

Capitalists are forced to redouble their efforts to create new needs in others [...].

The result is to exacerbate insecurity and instability, as masses of capital and workers shift from one line of production to another, leaving whole sectors devastated [...].

The drive to relocate to more advantageous places ( the geographical movement of both capital and labour ) periodically revolutionizes the international and territorial division of labour, adding a vital geographical dimension to the insecurity.

The resultant transformation in the experience of space and place is matched by revolutions in the time dimension, as capitalists strive to reduce the turnover time of their capital to " the twinkling of an eye ".