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creative destruction |
Also found in: Financial, Wikipedia | 0.09 sec. |
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The disruption and downfall that occurs to certain industries and people when a revolutionary new idea takes hold. Automobiles made blacksmiths obsolete. Big retail chains destroyed countless small businesses. Because of the Internet, the music, movie and publishing worlds have been seriously impacted, and many industries are expected to change dramatically in the future. |
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Creative destruction at the beginning of the 20th century resulted in industry consolidation and the formation of great media empires. Restructuring involves the creative destruction and reinvention of today's top automotive OEMs and suppliers. This view is widely held among neoliberal economists, corporate elites and members of the Bush administration who contend that capitalism involves a dynamic process of creative destruction in which relentless innovation replaces outmoded economic activities with new, wealth creating forms of production. |
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creative destruction