Austrian-American economist who developed the theory of creative destruction — arguing that capitalism advances through cycles of innovation that destroy existing economic structures.
Creative destruction: capitalism advances through entrepreneurs who introduce innovations that destroy existing firms and industries — not the equilibrium of classical economics but perpetual revolutionary disruption. The entrepreneur as the driver of economic change. Capitalism, Socialism and Democracy: capitalism will inevitably transition to socialism, not through economic failure but through the cultural undermining of bourgeois civilization. Business Cycles: a monumental study of economic fluctuation.
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