Creative destruction

Just as the cassette tape replaced the 8-track, only to be replaced in turn by the compact disc, itself being undercut by MP3 players, …  online free newspaper sites such as The Huffington Post and the National Review Online are leading to creative destruction of the traditional paper newspaper….

In fact, successful innovation is normally a source of temporary market power, eroding the profits and position of old firms, yet ultimately succumbing to the pressure of new inventions commercialised by competing entrants….

In philosophical terms, the concept of ‘creative destruction’ is close to Hegel‘s concept of sublation. It was introduced into German economic discourse by Werner Sombart in 1913 … It has been argued that Sombart’s formulation of the concept was influenced by Eastern mysticism, specifically the image of the Hindu god Shiva….

In Hinduism, the god Shiva is simultaneously destroyer and creator, portrayed as Shiva Nataraja (Lord of the Dance), which is proposed as the source of the Western notion of ‘creative destruction.’

• Excerpts from Wikipedia
• Photo by Pavan Trikutam on Unsplash