creative destruction


The act of a newly created thing destroying its predecessors. This is a common occurrence in industries that thrive on innovation to keep their businesses successful. For example, the music industry has watched sales of CDs drop to record lows as a result of more consumers downloading music for free or through services such as iTunes. The term was coined by Joseph Schumpeter in his work entitled "Capitalism, Socialism and Democracy".

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You may want to try and use some creative destruction if you think that it may help drum up some business.

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The creative destruction of the technology industry is a joy to watch as new products are unveiled and released each year.

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Electronic reading devices are symbols of creative destruction because they are slowly phasing out paper books the way that books had previously phased out scrolls and stone tablets.

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