Joseph Schumpeter coined this term to describe a process inherent to capitalism in which as the economic structure of capitalism matures,some sectors will lose out while others gain.

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Joseph Schumpeter introduced the concept of "creative destruction" to refer to the constant process of innovation and change in capitalist economies whereby outdated industries and businesses are replaced by newer and more efficient forms of production. This process involves the destruction of old ways of doing things and the creation of new ones, as well as the emergence of new markets and business opportunities. It is seen as a necessary element of economic growth and development, although it can also result in job losses and social disruptions.

Joseph Schumpeter Coined This Term to Describe a Process Inherent