Prophet of Innovation: Joseph Schumpeter and Creative Destruction

Posted May 25, 2021

Described by John Kenneth Galbraith as “the most sophisticated conservative” of the twentieth century, Schumpeter made his mark as the prophet of incessant change. His vision was stark: Nearly all businesses fail, victims of innovation by their competitors. Businesspeople ignore this lesson at their peril―to survive, they must be entrepreneurial and think strategically. Yet in Schumpeter’s view, the general prosperity produced by the “capitalist engine” far outweighs the wreckage it leaves behind.
Forbes christened Schumpeter the best navigator through the turbulent seas of globalization. Time has proved that assessment accurate.