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.

Unable to view this article?

This could be due to a conflict with your ad-blocking or security software.

Please add japantimes.co.jp and piano.io to your list of allowed sites.

If this does not resolve the issue or you are unable to add the domains to your allowlist, please see out this support page.

We humbly apologize for the inconvenience.

In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.