The Revolution Of Economic Structure And Function Of...

The revolution in economic structure is known as creative destruction. This term was invented by Joseph Schumpeter in 1950 who considered it as the essential factor of capitalism. According to him, â€Å"fundamental impulse that sets and keeps the capitalist engine in motion comes from the new consumers goods, the new methods of production or transportation, the new markets, the new forms of industrial organization that capitalist enterprises create†. This is a fundamental process, that new product replaces old ones and destroys the old production companies. This is an innovation of a new product, prompt capital investment, economic spreading out and increase living standard of human beings. Consequently, by substitute of present products, industry ruined and workers unemployment, .Globalization, improvement in technology and market force increases the competition market that directly and indirectly affects the product’s formation. These changes destroy the old product . This is the essential factor and aspect of capitalization world, macroeconomics structure and function of market. Every industry faces this destructiveness. The process of this change may have long and short term consequences in economy of every company. Not only small companies, even big management companies do not find any solution of this devastation in corporate inactivity. Every business experiences this destruction. It is hard to them to protect their business and product in the wind of new technology.Show MoreRelatedSociologists Study A Large Range Of Subjects879 Words   |  4 Pagesof the development, structure, interaction, and collective behavior of organized groups of human beings.† The way a sociologist may perceive something can change from what perspective they are using. Is that sociologist using functionalism, symbolic interactionism, or conflict theory? Sociologists study the history of economics, types of economies, and who is running them. 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