Joseph Schumpeter viewed capitalism as a process of "creative destruction" because
A)profitable firms are bought out by larger firms.
B)capitalism would create wealth, but government would destroy it.
C)the creation of new products would destroy the market for existing products.
D)invention is a creative process, but most ideas are destroyed when entrepreneurs develop and market products.

Question

Quizplus · Accepted Answer

Schumpeter's concept of "creative destruction" refers to the process by which the creation of new products and innovations leads to the obsolescence or destruction of existing products and markets.

Joseph Schumpeter Viewed Capitalism as a Process of "Creative Destruction