Creative Destruction

Creative Destruction
Author: Richard Foster
Publisher: Crown Currency
Total Pages: 386
Release: 2011-04-20
Genre: Business & Economics
ISBN: 0307779319

Turning conventional wisdom on its head, a Senior Partner and an Innovation Specialist from McKinsey & Company debunk the myth that high-octane, built-to-last companies can continue to excel year after year and reveal the dynamic strategies of discontinuity and creative destruction these corporations must adopt in order to maintain excellence and remain competitive. In striking contrast to such bibles of business literature as In Search of Excellence and Built to Last, Richard N. Foster and Sarah Kaplan draw on research they conducted at McKinsey & Company of more than one thousand corporations in fifteen industries over a thirty-six-year period. The industries they examined included old-economy industries such as pulp and paper and chemicals, and new-economy industries like semiconductors and software. Using this enormous fact base, Foster and Kaplan show that even the best-run and most widely admired companies included in their sample are unable to sustain their market-beating levels of performance for more than ten to fifteen years. Foster and Kaplan's long-term studies of corporate birth, survival, and death in America show that the corporate equivalent of El Dorado, the golden company that continually outperforms the market, has never existed. It is a myth. Corporations operate with management philosophies based on the assumption of continuity; as a result, in the long term, they cannot change or create value at the pace and scale of the markets. Their control processes, the very processes that enable them to survive over the long haul, deaden them to the vital and constant need for change. Proposing a radical new business paradigm, Foster and Kaplan argue that redesigning the corporation to change at the pace and scale of the capital markets rather than merely operate well will require more than simple adjustments. They explain how companies like Johnson and Johnson , Enron, Corning, and GE are overcoming cultural "lock-in" by transforming rather than incrementally improving their companies. They are doing this by creating new businesses, selling off or closing down businesses or divisions whose growth is slowing down, as well as abandoning outdated, ingrown structures and rules and adopting new decision-making processes, control systems, and mental models. Corporations, they argue, must learn to be as dynamic and responsive as the market itself if they are to sustain superior returns and thrive over the long term. In a book that is sure to shake the business world to its foundations, Creative Destruction, like Re-Engineering the Corporation before it, offers a new paradigm that will change the way we think about business.

The Power of Creative Destruction

The Power of Creative Destruction
Author: Philippe Aghion
Publisher: Harvard University Press
Total Pages: 401
Release: 2021-04-20
Genre: Business & Economics
ISBN: 0674971167

From one of the world’s leading economists and his coauthors, a cutting-edge analysis of what drives economic growth and a blueprint for prosperity under capitalism. Crisis seems to follow crisis. Inequality is rising, growth is stagnant, the environment is suffering, and the COVID-19 pandemic has exposed every crack in the system. We hear more and more calls for radical change, even the overthrow of capitalism. But the answer to our problems is not revolution. The answer is to create a better capitalism by understanding and harnessing the power of creative destruction—innovation that disrupts, but that over the past two hundred years has also lifted societies to previously unimagined prosperity. To explain, Philippe Aghion, Céline Antonin, and Simon Bunel draw on cutting-edge theory and evidence to examine today’s most fundamental economic questions, including the roots of growth and inequality, competition and globalization, the determinants of health and happiness, technological revolutions, secular stagnation, middle-income traps, climate change, and how to recover from economic shocks. They show that we owe our modern standard of living to innovations enabled by free-market capitalism. But we also need state intervention with the appropriate checks and balances to simultaneously foster ongoing economic creativity, manage the social disruption that innovation leaves in its wake, and ensure that yesterday’s superstar innovators don’t pull the ladder up after them to thwart tomorrow’s. A powerful and ambitious reappraisal of the foundations of economic success and a blueprint for change, The Power of Creative Destruction shows that a fair and prosperous future is ultimately ours to make.

Openness to Creative Destruction

Openness to Creative Destruction
Author: Arthur M. Diamond
Publisher:
Total Pages: 313
Release: 2019
Genre: Business & Economics
ISBN: 0190263660

Life improves under the economic system often called "entrepreneurial capitalism" or "creative destruction," but more accurately called "innovative dynamism." Openness to Creative Destruction: Sustaining Innovative Dynamism shows how innovation occurs through the efforts of inventors and innovative entrepreneurs, how workers on balance benefit, and how good policies can encourage innovation. The inventors and innovative entrepreneurs are often cognitively diverse outsiders with the courage and perseverance to see and pursue serendipitous discoveries or slow hunches. Arthur M. Diamond, Jr. shows how economies grow where innovative dynamism through leapfrog competition flourishes, as in the United States from roughly 1830-1930. Consumers vote with their feet for innovative new goods and for process innovations that reduce prices, benefiting ordinary citizens more than the privileged elites. Diamond highlights that because breakthrough inventions are costly and difficult, patents can be fair rewards for invention and can provide funding to enable future inventions. He argues that some fears about adverse effects on labor market are unjustified, since more and better new jobs are created than are destroyed, and that other fears can be mitigated by better policies. The steady growth in regulations, often defended on the basis of the precautionary principle, increases the costs to potential entrepreneurs and thus reduces innovation. The "Great Fact" of economic history is that after at least 40,000 years of mostly "poor, nasty, brutish, and short" humans in the last 250 years have started to live substantially longer and better lives. Diamond increases understanding of why.

Creative Destruction

Creative Destruction
Author: Tyler Cowen
Publisher:
Total Pages: 179
Release: 2002
Genre: Political Science
ISBN: 9780691090160

Links globalization to changing trends in modern culture to present a case for a more sympathetic understanding of cross-cultural trade, considering such topics as the market exchange versus aesthetic quality, the impact of technology on art, and the affect of globalization on societal intelligence. (Social Science)

Prophet of Innovation

Prophet of Innovation
Author: Thomas K. McCraw
Publisher: Harvard University Press
Total Pages: 734
Release: 2010-03-30
Genre: Biography & Autobiography
ISBN: 0674736966

Pan Am, Gimbel’s, Pullman, Douglas Aircraft, Digital Equipment Corporation, British Leyland—all once as strong as dinosaurs, all now just as extinct. Destruction of businesses, fortunes, products, and careers is the price of progress toward a better material life. No one understood this bedrock economic principle better than Joseph A. Schumpeter. “Creative destruction,” he said, is the driving force of capitalism. Described by John Kenneth Galbraith as “the most sophisticated conservative” of the twentieth century, Schumpeter made his mark as the prophet of incessant change. His vision was stark: Nearly all businesses fail, victims of innovation by their competitors. Businesspeople ignore this lesson at their peril—to survive, they must be entrepreneurial and think strategically. Yet in Schumpeter’s view, the general prosperity produced by the “capitalist engine” far outweighs the wreckage it leaves behind. During a tumultuous life spanning two world wars, the Great Depression, and the early Cold War, Schumpeter reinvented himself many times. From boy wonder in turn-of-the-century Vienna to captivating Harvard professor, he was stalked by tragedy and haunted by the specter of his rival, John Maynard Keynes. By 1983—the centennial of the birth of both men—Forbes christened Schumpeter, not Keynes, the best navigator through the turbulent seas of globalization. Time has proved that assessment accurate. Prophet of Innovation is also the private story of a man rescued repeatedly by women who loved him and put his well-being above their own. Without them, he would likely have perished, so fierce were the conflicts between his reason and his emotions. Drawing on all of Schumpeter’s writings, including many intimate diaries and letters never before used, this biography paints the full portrait of a magnetic figure who aspired to become the world’s greatest economist, lover, and horseman—and admitted to failure only with the horses.

The Creative Destruction of Medicine

The Creative Destruction of Medicine
Author: Eric Topol
Publisher:
Total Pages: 322
Release: 2012-01-31
Genre: Health & Fitness
ISBN: 0465025501

A professor of medicine reveals how technology like wireless internet, individual data, and personal genomics can be used to save lives.

The Surprising Power of Liberating Structures

The Surprising Power of Liberating Structures
Author: Henri Lipmanowicz
Publisher:
Total Pages: 366
Release: 2014-10-28
Genre:
ISBN: 9780615975306

Smart leaders know that they would greatly increase productivity and innovation if only they could get everyone fully engaged. So do professors, facilitators and all changemakers. The challenge is how. Liberating Structures are novel, practical and no-nonsense methods to help you accomplish this goal with groups of any size. Prepare to be surprised by how simple and easy they are for anyone to use. This book shows you how with detailed descriptions for putting them into practice plus tips on how to get started and traps to avoid. It takes the design and facilitation methods experts use and puts them within reach of anyone in any organization or initiative, from the frontline to the C-suite. Part One: The Hidden Structure of Engagement will ground you with the conceptual framework and vocabulary of Liberating Structures. It contrasts Liberating Structures with conventional methods and shows the benefits of using them to transform the way people collaborate, learn, and discover solutions together. Part Two: Getting Started and Beyond offers guidelines for experimenting in a wide range of applications from small group interactions to system-wide initiatives: meetings, projects, problem solving, change initiatives, product launches, strategy development, etc. Part Three: Stories from the Field illustrates the endless possibilities Liberating Structures offer with stories from users around the world, in all types of organizations -- from healthcare to academic to military to global business enterprises, from judicial and legislative environments to R&D. Part Four: The Field Guide for Including, Engaging, and Unleashing Everyone describes how to use each of the 33 Liberating Structures with step-by-step explanations of what to do and what to expect. Discover today what Liberating Structures can do for you, without expensive investments, complicated training, or difficult restructuring. Liberate everyone's contributions -- all it takes is the determination to experiment.

The Creation and Destruction of Value

The Creation and Destruction of Value
Author: Harold James
Publisher: Harvard University Press
Total Pages: 336
Release: 2012-10-22
Genre: Business & Economics
ISBN: 0674066189

Harold James examines the vulnerability and fragility of processes of globalization, both historically and in the present. This book applies lessons from past breakdowns of globalizationÑabove all in the Great DepressionÑto show how financial crises provoke backlashes against global integration: against the mobility of capital or goods, but also against flows of migration. By a parallel examination of the financial panics of 1929 and 1931 as well as that of 2008, he shows how banking and monetary collapses suddenly and radically alter the rules of engagement for every other type of economic activity. Increased calls for state action in countercyclical fiscal policy bring demands for trade protection. In the open economy of the twenty-first century, such calls are only viable in very large statesÑprobably only in the United States and China. By contrast, in smaller countries demand trickles out of the national container, creating jobs in other countries. The international community is thus paralyzed, and international institutions are challenged by conflicts of interest. The book shows the looming psychological and material consequences of an interconnected world for people and the institutions they create.

Creative Destruction

Creative Destruction
Author: Raul Luciano Katz
Publisher: MIT Press
Total Pages: 308
Release: 2002
Genre: Business & Economics
ISBN: 9780262632560

Schumpeter's framework of creative destruction applied to the rapidly changing telecommunications and related Internet industries. More than fifty years ago, Joseph Schumpeter stated that processes intrinsic to a capitalist society produce a "creative destruction," whereby innovations destroy obsolete technologies, only to be assaulted in turn by newer and more efficient rivals. This book asks whether the current chaotic state of the telecommunications and related Internet industries is evidence of creative destruction, or simply a result of firms, governments, and others wasting valuable resources with limited benefits to society as a whole. In telecommunications, for example, wireless, IP, and cable-based technologies are all fighting for a share of the market currently dominated by older, circuit-switched, copper-terminated networks. This process is accompanied by mergers, acquisitions, bankruptcies, and investment and divestment in worldwide markets.The selections discuss the primary challenge facing firms, governments, and other players: how to exploit the opportunities created by such destructive dynamics. They highlight the importance of national regulations promoting competition and nonmonopolistic market structures, as well as the role of new technologies such as the Internet in driving down the price and speeding the diffusion of innovative products and services in telecommunications, media, electronic retailing, and other "new economy" industries.