It is essence of market capitalism to be dynamic and tolerate the creative destructiveness of technology as the price of progress.

Question

Quizplus · Accepted Answer

One of the key tenets of market capitalism is its ability to adapt and evolve through the constant introduction of new technologies and innovations. This process of creative destruction, first introduced by economist Joseph Schumpeter, refers to the way that new innovations can disrupt traditional ways of doing business and ultimately create new industries and opportunities. While this process can be painful for those industries and firms that are displaced by technological progress, it ultimately drives growth and development in the economy as a whole. Therefore, it is true that the essence of market capitalism is to tolerate the creative destructiveness of technology as the price of progress.

It Is Essence of Market Capitalism to Be Dynamic and Tolerate