24" x 24"
Acrylic on Canvas abstact by Michael.
Creative destruction (German: schöpferische Zerstörung), sometimes known as Schumpeter's gale,
is a concept in economics which since the 1950s has become most readily identified
with the economist Joseph Schumpeter who derived it from the work of
Karl Marx and popularized it as a theory of economic innovation and the business cycle.
According to Schumpeter, the "gale of creative destruction" describes the "process of
industrial mutation that incessantly revolutionizes the economic structure from within,
incessantly destroying the old one, incessantly creating a new one"