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This 6-page paper discusses Schumpeter's view on creative destruction and how it ties in with the 21st century business. Bibliography lists 8 sources.
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6 pages (~225 words per page)
File: AS43_MTcreadest.doc
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years and waking up today would be amazed. A generation ago, she points out, corporations were "comfortingly solid if boring institution(s) run by sober industrial statesmen" while the entrepreneur was
considered "marginal" and "faintly disreputable" (Graham, 2010; p. 48). What a difference a few years makes - these days, successful corporations are run by entrepreneurial types - look at Bill
Gates (Microsoft), Steve Jobs (Apple) and the guys who run Google. Basically, Graham notes, the entrepreneur hasnt enjoyed such great prestige since the second industrial revolution of the late 19th
century, during which railroads, electricity and other industries grew into major enterprises (Graham, 2010). Those enterprises eventually turned into stolid, somewhat safe and boring enterprises that continued on slow and
steady - until the current wave of entrepreneurism hit the economy (starting around the mid-1970s). What Graham is describing (and others continue to
describe) is "creative destruction." According to those supporting the concept of creative destruction, innovation, out of necessity, must destroy the old guard to ensure new beginnings and ultimately, an economy
that continues its forward movement. Isnt Creative Destruction an Oxymoron? Not if your name is Joseph Schumpeter and youre an Austrian economist living
in the 1940s. In his seminal book Capitalism, Socialism and Democracy, Schumpeter used the concept of creative destruction to explain change that occurs during innovation (Schumpeters Gales of Creative Destruction,
2008). Schumpeters theory was that capitalism (if left unchecked by regulation), ends up destroying old economic structures and creating new ones, with the idea that capitalism thrives on innovation and
the destruction of that which is outmoded and no longer useful (Schumpeters Gales of Creative Destruction, 2008). Schumpeter also pointed out that entrepreneurial innovations would sustain long-term economic growth -
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