tailieunhanh - Macroeconomic theory and policy phần 3

Tham khảo tài liệu 'macroeconomic theory and policy phần 3', kinh doanh - tiếp thị, quản trị kinh doanh phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | 52 CHAPTER 2. BASIC NEOCLASSICAL THEORY FIGURE General Equilibrium 0 l . SCHUMPETER S PROCESS OF CREATIVE DESTRUCTION 53 Schumpeter s Process of Creative Destruction Capitalism s Forces of Creative Destruction Unleash Opportunities for Investors by Frederick B. Taylor Vice Chairman and Chief Investment Officer Updated 4 9 02 Writing about capitalism more than 50 years ago economist Joseph Schumpeter coined the phrase creative destruction to describe the process by which a free-market economy is constantly evolving as new and better ways of doing business are introduced and the old and outmoded fall by the wayside. Creative destruction revolutionizes the economic structure from within said Schumpeter destroying the old one and creating a new one. He argued that this dynamic process was central to capitalist system s ability to maximize output and total wealth creation over time. Creative destruction is not a steady process. While the forces of creative destruction are always present in a capitalist system the process often occurs in intense bursts - discrete rushes as Schumpeter termed them which are separated from each other by spans of comparative quiet. Historically we experienced a period of intense creative destruction in the late 19th and early 20th centuries and we are now living in the midst of another. At the turn of the last century the industrial revolution had transformed agricultural economies and was radically changing most people s lives. New industrial powers the United States and Germany were developing to challenge the established economies of England and France. Today the ongoing revolution in technology and communications is creating new industries and transforming or eliminating old ones. New economies are emerging that provide new markets as well as new sources of competition. Corporate restructuring and privatization of government-owned enterprises are widespread. Usually one can only see what is being destroyed by this process