Creative Destruction
Definition
The act of a newly created thing destroying its predecessors. This is a common occurrence in industries that thrive on innovation to keep their businesses successful. For example, the music industry has watched sales of CDs drop to record lows as a result of more consumers downloading music for free or through services such as iTunes. The term was coined by Joseph Schumpeter in his work entitled "Capitalism, Socialism and Democracy".
Nearby Terms
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