Joseph Schumpeter Argued That Growth Was a Process of Creative

question 38

Essay

Joseph Schumpeter argued that growth was a process of creative destruction.Explain what is meant by the phrase,"creative destruction."

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Definitions:

Accountability

The duty of a person or entity to be accountable for their actions, assume responsibility for those actions, and openly share the outcomes.

Oversight

Supervision or the act of reviewing and monitoring activities, operations, or policies to ensure compliance, performance, and accountability.

Strategic-Level Decisions

High-impact decisions made at the top level of an organization, focusing on long-term goals, direction, and overall policy.

Corporate Governance

The system of rules, practices, and processes by which a company is directed and controlled.