"[I]n capitalist reality as distinguished from its textbook picture, it is not that kind of competition which counts but the competition from the new commodity, the new technology, the new source of supply, the new type of organization...competition which commands a decisive cost or quality advantage and which strikes not at the margins of the profits and the outputs of the existing firms but at their foundations and their very lives." This process is called:
A) creative destruction.
B) destructive creationism.
C) command and control.
D) death by a thousand cuts.

Question

Quizplus · Accepted Answer

The concept of "creative destruction" describes the process by which new innovations and technologies disrupt and displace existing industries and companies, leading to the decline and sometimes demise of those established businesses. This competition is driven by "decisive" cost or quality advantages, which can threaten the very foundations and existence of incumbents. The other answer choices are not relevant to this concept.

"[I]n Capitalist Reality as Distinguished from Its Textbook Picture, It