Seb Beloe

Creative Destruction and the end of the carbon economy

Joseph Schumpeter, the Austrian Finance Minister and Harvard professor coined the term ‘creative destruction’ in the 1940s to describe a ‘process of industrial mutation that incessantly revolutionises the economic structure from within, incessantly destroying the old one, incessantly creating the new one.’[i]

This process is now widely recognised as an essential and valuable feature of capitalism, recognisable across the economy as new technologies and business models displace older versions. The shift from mainframe to personal computers, from photographic film to digital and from CDs to MiniDiscs to MP3 players are all contemporary examples of creative destruction in action.

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