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We are not getting our money’s worth from “creative destruction.” For history buffs, the phrase will be familiar. Coined by Joseph Schumpeter (1883-1950) — one of the 20th century’s towering economists — it defines a central characteristic of capitalism.

Capitalism expands material well-being by replacing existing technologies, products and business methods with superior substitutes. Though this initially disrupts established industries and communities, it is the main engine of economic progress.

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