Capitalism

One of the things I wanted to cover in my series of articles concerning Jeff Bezos and Amazon.com is the process of creative destruction.  Have you ever heard of “creative destruction”?  It’s a term that was originally used by an Austrian economist, Joseph Schumpeter (1883–1950).  Schumpeter described creative destruction as an essential process that takes place in a free-market economy, wiping out entire industries after new technologies are discovered and put into place.