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Question : The development process under capitalism has been described as "creative destruction" by:

Option 1: Joseph Schumpeter

Option 2: Karl Marx

Option 3: Norwood Russell Hanson

Option 4: J. S. Mill


Team Careers360 19th Jan, 2024
Answer (1)
Team Careers360 20th Jan, 2024

Correct Answer: Joseph Schumpeter


Solution : The correct answer is Joseph Schumpeter.

The term "creative destruction" refers to the innovation and technological development process that results in the eradication of existing economic structures, such as industries, businesses and jobs. It was coined by economist Joseph Schumpeter.

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