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Every piece of business strategy... Must be seen in its role in the perennial gale of… — Joseph Schumpeter

Economic literature · Historical literature

Every piece of business strategy... Must be seen in its role in the perennial gale of creative destruction.

Joseph Schumpeter
Capitalism, Socialism, and Democracy · 1942
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Citation
Schumpeter, Joseph Alois. Capitalism, Socialism, and Democracy. Harper & Brothers, 1942, pt. 2, ch. 7.

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So this was GM chairman Roger Smith. And he appeared to have a brilliant plan: First, close 11 factories in the U. S., then open 11 in Mexico where you pay the workers 70 cents an hour. Then, use the money you've saved by building cars in Mexico to take over other companies, preferably high-tech firms and weapons manufacturers. Next, tell the union you're broke and they happily agree to give back a couple billion dollars in wage cuts. You then take that money from the workers, and eliminate their jobs by building more foreign factories. Roger Smith was a true genius.

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Another quote aboutTopic·Business strategy

The opening up of new markets, foreign or domestic, and the organizational development from the craft shop and factory to such concerns as U.S. Steel illustrate the same process of industrial mutation...That incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one. This process of Creative Destruction is the essential fact about capitalism.

Joseph Schumpeter
Capitalism, Socialism, and Democracy · 1942
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