Joseph Schumpeter Viewed Capitalism as a Process of "Creative Destruction

question 113

Multiple Choice

Joseph Schumpeter viewed capitalism as a process of "creative destruction" because

• A) profitable firms are bought out by larger firms.
• B) capitalism would create wealth, but government would destroy it.
• C) the creation of new products would destroy the market for existing products.
• D) invention is a creative process, but most ideas are destroyed when entrepreneurs develop and market products.

---

Definitions:

Moral Development

The process through which individuals develop proper attitudes and behaviors toward other people in society, based on social and cultural norms, laws, and personal beliefs.

Cognitive Development

involves the mental processes related to acquiring knowledge and comprehension, including thinking, knowing, remembering, and problem-solving.

Social Development

The process by which individuals learn the values, norms, and behaviors required to interact effectively within their society.

Conventional

Reflecting or pertaining to societal norms, standards, or attitudes that are widely accepted and practised.