Business
Creative destruction: the COVID-19 economic crisis is accelerating the demise of fossil fuels – The Conversation AU
We are now at the start of the sixth great wave in economic disruption, driven by renewables, electomobilty and smart-city technologies.
Creative destruction is the essential fact about capitalism, wrote the great Austrian economist Joseph Schumpeter in 1942. New technologies and processes continuously revolutionise the economic structure from within, incessantly destroying the old one, incessantly creating a new one.
Change happens more quickly and creatively during times of economic disruption. Innovations meeting material and cultural needs accelerate. Structures preventing new, more efficient technologies weaken. As the old…
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