Creative destruction

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Creative destruction (German: schöpferische Zerstörung) is a concept in economics that describes a process in which new innovations replace and make obsolete older innovations.^[1]

The concept is usually identified with the

But have you ever asked yourselves sufficiently how much the erection of every ideal on earth has cost? How much reality has had to be misunderstood and slandered, how many lies have had to be sanctified, how many consciences disturbed, how much "God" sacrificed every time? If a temple is to be erected a temple must be destroyed: that is the law – let anyone who can show me a case in which it is not fulfilled! – Friedrich Nietzsche, On the Genealogy of Morality

Other nineteenth-century formulations of this idea include Russian

Three years later, in Capitalism, Socialism and Democracy, Schumpeter introduced the term "creative destruction", which he explicitly derived from Marxist thought (analysed extensively in Part I of the book) and used it to describe the disruptive process of transformation that accompanies such innovation:

Capitalism ... is by nature a form or method of economic change and not only never is but never can be stationary. ... The fundamental impulse that sets and keeps the capitalist engine in motion comes from the new consumers' goods, the new methods of production or transportation, the new markets, the new forms of industrial organization that capitalist enterprise creates.

... The opening up of new markets, foreign or domestic, and the organizational development from the craft shop and factory to such concerns as U.S. Steel illustrate the process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one. This process of Creative Destruction is the essential fact about capitalism. It is what capitalism consists in and what every capitalist concern has got to live in.

[... Capitalism requires] the perennial gale of Creative Destruction.[23]

In Schumpeter's vision of capitalism, innovative entry by

entrepreneurs was the disruptive force that sustained economic growth, even as it destroyed the value of established companies and laborers that enjoyed some degree of monopoly power derived from previous technological, organizational, regulatory, and economic paradigms.^[24]

However, Schumpeter was pessimistic about the sustainability of this process, seeing it as leading eventually to the undermining of capitalism's own institutional frameworks:

In breaking down the pre-capitalist framework of society, capitalism thus broke not only barriers that impeded its progress but also flying buttresses that prevented its collapse. That process, impressive in its relentless necessity, was not merely a matter of removing institutional deadwood, but of removing partners of the capitalist stratum, symbiosis with whom was an essential element of the capitalist schema. [... T]he capitalist process in much the same way in which it destroyed the institutional framework of feudal society also undermines its own.[9]

Examples

Schumpeter (1949) in one of his examples used "the railroadization of the Middle West as it was initiated by the Illinois Central." He wrote, "The Illinois Central not only meant very good business whilst it was built and whilst new cities were built around it and land was cultivated, but it spelled the death sentence for the [old] agriculture of the West."^[25]

Companies that once revolutionized and dominated new industries – for example,

8-track, only to be replaced in turn by the compact disc, which was undercut by downloads to MP3 players, which is now being usurped by web-based streaming services.^[27]

Companies that made money out of technology which eventually becomes obsolete do not necessarily adapt well to the business environment created by the new technologies.

One such example is how online

These economic facts have certain social consequences. As the critics of the market economy nowadays prefer to take their stand on "social" grounds, it may be not inappropriate here to elucidate the true social results of the market process. We have already spoken of it as a leveling process. More aptly, we may now describe these results as an instance of what

the circulation of elites." Wealth is unlikely to stay for long in the same hands. It passes from hand to hand as unforeseen change confers value, now on this, now on that specific resource, engendering capital gains and losses. The owners of wealth, we might say with Schumpeter, are like the guests at a hotel or the passengers in a train: They are always there but are never for long the same people.

— Ludwig Lachmann, The Market Economy and the Distribution of Wealth^[35]

The effect of continuous innovation ... is to devalue, if not destroy, past investments and labour skills. Creative destruction is embedded within the circulation of capital itself. Innovation exacerbates instability, insecurity, and in the end, becomes the prime force pushing capitalism into periodic paroxysms of crisis. ... The struggle to maintain profitability sends capitalists racing off to explore all kinds of other possibilities. New product lines are opened up, and that means the creation of new wants and needs. Capitalists are forced to redouble their efforts to create new needs in others .... The result is to exacerbate insecurity and instability, as masses of capital and workers shift from one line of production to another, leaving whole sectors devastated .... The drive to relocate to more advantageous places (the geographical movement of both capital and labour) periodically revolutionizes the international and territorial division of labour, adding a vital geographical dimension to the insecurity. The resultant transformation in the experience of space and place is matched by revolutions in the time dimension, as capitalists strive to reduce the turnover time of their capital to "the twinkling of an eye".[47]

Globalization can be viewed as some ultimate form of time-space compression, allowing capital investment to move almost instantaneously from one corner of the globe to another, devaluing fixed assets and laying off labour in one urban conglomeration while opening up new centres of manufacture in more profitable sites for production operations. Hence, in this continual process of creative destruction, capitalism does not resolve its contradictions and crises, but merely "moves them around geographically".^[48]

Marshall Berman

In his 1987 book All That is Solid Melts into Air: The Experience of Modernity,^[11] particularly in the chapter entitled "Innovative Self-Destruction" (pp. 98–104), Marshall Berman provides a reading of Marxist "creative destruction" to explain key processes at work within modernity. The title of the book is taken from a well-known passage from The Communist Manifesto. Berman elaborates this into something of a Zeitgeist which has profound social and cultural consequences:

The truth of the matter, as Marx sees, is that everything that bourgeois society builds is built to be torn down. "All that is solid"—from the clothes on our backs to the looms and mills that weave them, to the men and women who work the machines, to the houses and neighborhoods the workers live in, to the firms and corporations that exploit the workers, to the towns and cities and whole regions and even nations that embrace them all—all these are made to be broken tomorrow, smashed or shredded or pulverized or dissolved, so they can be recycled or replaced next week, and the whole process can go on again and again, hopefully forever, in ever more profitable forms. The pathos of all bourgeois monuments is that their material strength and solidity actually count for nothing and carry no weight at all, that they are blown away like frail reeds by the very forces of capitalist development that they celebrate. Even the most beautiful and impressive bourgeois buildings and public works are disposable, capitalized for fast depreciation and planned to be obsolete, closer in their social functions to tents and encampments than to "Egyptian pyramids, Roman aqueducts, Gothic cathedrals".^[49]

Here Berman emphasizes Marx's perception of the fragility and evanescence of capitalism's immense creative forces, and makes this apparent contradiction into one of the key explanatory figures of modernity.

In 2021, an article was published by Berman's younger son Daniel Berman in which the elder Berman's conception of creative destruction was applied to the field of art history. Entitled Looking the Negative in the Face: Creative Destruction and the Modern Spirit in Photography, Photomontage, and Collage, the essay reconsiders the modern media of photography, photomontage, and collage through the lens of "creative destruction". In doing so, the younger Berman attempts to show that in certain works of art of the above-mentioned media, referents (such as nature, real people, other works of art, newspaper clippings, etc.) can be given new and unique significance even while necessarily being obscured by the very nature of their presentation. The article was published in the second volume of Hunter College's graduate art history journal Assemblage.

Manuel Castells

The sociologist Manuel Castells, in his trilogy on The Information Age: Economy, Society and Culture (the first volume of which, The Rise of the Network Society, appeared in 1996),^[12] reinterpreted the processes by which capitalism invests in certain regions of the globe, while divesting from others, using the new paradigm of "informational networks". In the era of globalization, capitalism is characterized by near-instantaneous flow, creating a new spatial dimension, "the space of flows".^[50] While technological innovation has enabled this unprecedented fluidity, this very process makes redundant whole areas and populations who are bypassed by informational networks. Indeed, the new spatial form of the mega-city or megalopolis, is defined by Castells as having the contradictory quality of being "globally connected and locally disconnected, physically and socially".^[51] Castells explicitly links these arguments to the notion of creative destruction:

The "spirit of informationalism" is the culture of "creative destruction" accelerated to the speed of the optoelectronic circuits that process its signals. Schumpeter meets Weber in the cyberspace of the network enterprise.^[52]

Daniele Archibugi

Developing the Schumpeterian legacy, the school of the Science Policy Research Unit of the University of Sussex has further detailed the importance of creative destruction exploring, in particular, how new technologies are often idiosyncratic with the existing productive regimes and will lead to bankruptcy companies and even industries that do not manage to sustain the rate of change. Chris Freeman and Carlota Perez have developed these insights.^[53] More recently, Daniele Archibugi and Andrea Filippetti have associated the 2008 economic crisis to the slow-down of opportunities offered by information and communication technologies (ICTs).^[54] Using as a metaphor the film Blade Runner, Archibugi has argued that of the innovations described in the film in 1982, all those associated to ICTs have become part of our everyday life. But, on the contrary, none of those in the field of Biotech have been fully commercialized. A new economic recovery will occur when some key technological opportunities will be identified and sustained.^[55]

Technological opportunities do not enter into economic and social life without deliberate efforts and choices. We should be able to envisage new forms of organization associated with emerging technology. ICTs have already changed our lifestyle even more than our economic life: they have generated jobs and profits, but above all they have transformed the way we use our time and interact with the world. Biotech could bring about even more radical social transformations at the core of our life. Why have these not yet been delivered? What can be done to unleash their potential? There are a few basic questions that need to be addressed.^[55]

Others

In 1992, the idea of creative destruction was put into formal mathematical terms by Philippe Aghion and Peter Howitt,^[56] giving an alternative model of endogenous growth compared to Paul Romer's expanding varieties model.

In 1995, Harvard Business School authors Richard L. Nolan and David C. Croson released Creative Destruction: A Six-Stage Process for Transforming the Organization. The book advocated downsizing to free up slack resources, which could then be reinvested to create competitive advantage.^{[citation needed]}

More recently, the idea of "creative destruction" was utilized by Max Page in his 1999 book, The Creative Destruction of Manhattan, 1900–1940. The book traces Manhattan's constant reinvention, often at the expense of preserving a concrete past. Describing this process as "creative destruction," Page describes the complex historical circumstances, economics, social conditions and personalities that have produced crucial changes in Manhattan's cityscape.^[57]

In addition to Max Page, others have used the term "creative destruction" to describe the process of urban renewal and modernization. T.C. Chang and Shirlena Huang referenced "creative destruction" in their paper Recreating place, replacing memory: Creative Destruction at the Singapore River. The authors explored the efforts to redevelop a waterfront area that reflected a vibrant new culture while paying sufficient homage to the history of the region.^[58] Rosemary Wakeman chronicled the evolution of an area in central Paris, France known as Les Halles. Les Halles housed a vibrant marketplace starting in the twelfth century. Ultimately, in 1971, the markets were relocated and the pavilions torn down. In their place, now stand a hub for trains, subways and buses. Les Halles is also the site of the largest shopping mall in France and the controversial Centre Georges Pompidou.^[59]

The term "creative destruction" has been applied to the arts. Alan Ackerman and Martin Puncher (2006) edited a collection of essays under the title Against Theater: Creative destruction on the modernist stage. They detail the changes and the causal motivations experienced in

Additionally within art, Tyler Cowen's book Creative Destruction describes how art styles change as artists are simply exposed to outside ideas and styles, even if they do not intend to incorporate those influences into their art.[61] Traditional styles may give way to new styles, and thus creative destruction allows for more diversified art, especially when cultures share their art with each other.

In his 1999 book, Still the New World, American Literature in a Culture of Creative Destruction, Philip Fisher analyzes the themes of creative destruction at play in literary works of the twentieth century, including the works of such authors as Ralph Waldo Emerson, Walt Whitman, Herman Melville, Mark Twain, and Henry James, among others. Fisher argues that creative destruction exists within literary forms just as it does within the changing of technology.^[62]

Creative destruction has also been linked to sustainable development. The connection was explicitly mentioned for the first time by Stuart L. Hart and Mark B. Milstein in their 1999 article Global Sustainability and the Creative Destruction of Industries,[64] in which he argues new profit opportunities lie in a round of creative destruction driven by global sustainability. (An argument which they would later on strengthen in their 2003 article Creating Sustainable Value^[65] and, in 2005, with Innovation, Creative Destruction and Sustainability.^[66]) Andrea L. Larson agreed with this vision a year later in Sustainable Innovation Through an Entrepreneurship Lens,^[67] stating entrepreneurs should be open to the opportunities for disruptive improvement based on sustainability. In 2005, James Hartshorn (et al.) emphasized the opportunities for sustainable, disruptive improvement in the construction industry in his article Creative Destruction: Building Toward Sustainability.^[68]

Some economists argue that the destructive component of creative destruction has become more powerful than it was in the past. They claim that the creative component does not add as much to growth as in earlier generations, and innovation has become more rent-seeking than value-creating.^[69]

Alternative name

The following text appears to be the source of the phrase "Schumpeter's Gale" to refer to creative destruction:

The opening up of new markets and the organizational development from the craft shop and factory to such concerns as US Steel illustrate the process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one ... [The process] must be seen in its role in the perennial gale of creative destruction; it cannot be understood on the hypothesis that there is a perennial lull.

— Joseph Schumpeter, Capitalism, Socialism and Democracy, 1942

Impediments to Creative Destruction

Politicians often impose impediments to the forces of creative destruction by regulating entry and exit rules

• Accelerationism
• Creativity techniques
• Destructionism
• Extinction event
• International Innovation Index
• Parable of the broken window
• Product lifecycle
• Pseudowork
• Schumpeterian rent

References

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Further reading

Wikiquote has quotations related to Creative destruction.