Abstract
Schumpeter invented the phrase ‘creative destruction’ in his famous book on the development of capitalism into socialism (Schumpeter 1942). In his view the process of creative destruction is the essential fact about capitalism and refers to the incessant mutation of the economic structure from within, destroying the old and creating a new.
This chapter was originally published in The New Palgrave Dictionary of Economics, 2nd edition, 2008. Edited by Steven N. Durlauf and Lawrence E. Blume
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Bibliography
Heertje, A. 2006. Schumpeter on the economics of innovation and the development of capitalism. Cheltenham: Edward Elgar.
Metcalfe, J.S. 1998. Evolutionary economics and creative destruction. London: Routledge.
Reisman, D. 2004. Schumpeter’s market. Cheltenham: Edward Elgar.
Schumpeter, J. 1942. Capitalism, socialism, and democracy. New York: Harper.
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Heertje, A. (2008). Creative Destruction (Schumpeterian Conception). In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95121-5_3074-1
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DOI: https://doi.org/10.1057/978-1-349-95121-5_3074-1
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Publisher Name: Palgrave Macmillan, London
Online ISBN: 978-1-349-95121-5
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