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
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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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