Creative destruction is the dismantling of long-standing practices in order to make way for innovation and is seen as a driving force of capitalism.
Creative destruction is most often used to describe disruptive technologies such as the railroads or, in our own time, the internet.
The term was coined in the early 1940s by economist Joseph Schumpeter, who observed real-life examples of creative destruction, such as Henry Ford’s assembly line.
Creative destruction can be seen across many different industries such as technology, retail, and finance.
Creative destruction often has unintended consequences such as temporary losses of jobs, environmental issues, or inequity.

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