Schumpeter and Creative Destruction
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Questions and Answers

What concept describes the process by which capitalism innovates new industries while destroying old ones?

  • Capitalist Instability
  • Economic Evolution
  • Creative Destruction (correct)
  • Market Disruption

    • Which of the following statements best reflects the idea of creative destruction?

  • New businesses are created while old ones remain unchanged.
  • Innovation disrupts and eliminates previous economic structures. (correct)
  • Traditional practices are preserved in the face of modernization.
  • Economic growth occurs without impacting existing industries.

    • In the context of Schumpeter's theory, which of the following best describes the relationship between new and old industries?

  • Old industries are reformed rather than destroyed.
  • Old industries maintain their relevance in times of innovation.
  • New industries replace old ones through processes of innovation. (correct)
  • New industries gradually integrate with old industries.

    • Creative destruction primarily occurs due to which factor in capitalism?

    <p>Technological advancements and innovations</p> Signup and view all the answers

    What is a potential outcome of the process of creative destruction in a capitalist economy?

    <p>Frequent virtual monopolies in emerging markets</p> Signup and view all the answers

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