Creative Destruction
A term for the process of an industrial cycle that revolutionizes the economic structure with periodic extinction of industries as new industries emerge to meet societal needs.
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Origin
Introduced by the economist Joseph Schumpeter in his book "Capitalism, Socialism, and Democracy" in 1942. Schumpeter used the term to describe the process by which new innovations and technologies replace old ones, leading to the destruction of existing industries and the creation of new ones. Schumpeter argued that creative destruction was a key driver of economic growth and progress, and that it allowed for the emergence of new ideas and industries.