"The developed economies are currently experiencing profound changes. A technological revolution is creating entirely new sectors, based on biotechnology, microprocessors, and telecommunications, whose prodÂucts are transforming business practices across the economy. A wave of managerial innovations has seen companies around the world adopt new forms of supplier-client relations, just-in-time inventory systems, quality control and team production. Economic activity is shifting from the industrial sector into the service sector. Capitalism seems to be in the midst of one of those 'cycles of creative destruction' that Schumpeter (1950) identified."
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Original Language: English
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Sources
Peter A. Hall and David Soskice. "An introduction to varieties of capitalism." in Varieties of capitalism: The institutional foundations of comparative advantage (2001)
https://en.wikiquote.org/wiki/Creative_destruction
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Creative destruction
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