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Destructing the Creative Destruction Myth

Debunking the argument that the Fortune 100 list is evidence of the productive vitality of capitalism

Joseph Schumpeter argued that capitalist economies are not stagnant and calcified but, instead, by nature a form or method of economic change and not only never is but never can be stationary. Joseph A. Schumpeter, Capitalism, Socialism, and Democracy, 1950 He believed that embedded in capitalism is an engine of change that revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one. This process of Creative Destruction is the essential fact about capitalism. It is what capitalism consists in and what every capitalist concern has got to live in. Joseph A. Schumpeter, Capitalism, Socialism, and Democracy, 1950 Schumpeter was no doubt influenced by Charles Darwin’s theory of evolution. Darwin had written that the “extinction of old forms is the almost…

Mähdrescher und Traktor bei der Ernte auf einem Weizenfeld

Technology Kills Jobs, Creates New Ones

On this week’s podcast, Jay Richards looks at the way new jobs have historically grown from the turmoil around the deaths of obsolete ones

Despite the continued march of technological change in recent years, the American employment picture has been bright, though many remain dissatisfied with their current circumstances or prospects.

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