Liberty Discussion on “Creative Destruction”
Liberty Discussion is a program designed to engage and inform the core members on the ideas of market economy and classical liberal ideas. Discussions are made on the contemporary issues (local or national) through open market perspective. Article is selected and shared within the members to prepare oneself for the program. The program is organized at the venue of Graduate Coach Biratnagar on every alternative Saturday (twice a month).
Last week on 17th March 2018, 3rd Chaitra 2074, we as usually sat down for the liberty discussion in Graduate Coach. It started with a deep conversation on Globalization and create destruction. Joseph Schumpeter (1883–1950) describe this phenomenon as “Creative Destruction” describes the “process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating the new one” If the economy and technology is not evolving, it will stagnate and eventually die down.
During the discussion participants differently presented the view and arguments regarding the topic. Some participant highlighted it, as globalization is taking root around the world the innovation and production mechanism is also changing. Due to innovation and technological advancement many new products are originated outdated ones are replaced. Now the market is Global and Trade and commerce has helped in this process to facilitate our technological advancement. Some participant proclaims that it is the creative destruction in world which had brought openness and the change in our generation, economically and socially. It has change our day to day life. We should embrace the change and not close our doors to it. Creative destruction helps in process of accelerating the global economy which had helped poor and developing countries to grow well. Some other sorted out their opinion by putting example on big company like Kodak, Nokia and digital Accessories. How more advancement pave away their market value. The discussion also got revolved in City rickshaw which had currently replaced the value of Pulley rickshaw in Biratnagar.
Despite that, some other mentioned that the problem however, is that development is necessary but it should be related to sustainability. It is also very important to consider our ecology and environment in time of global development. We should also focus more on the aspect of “destruction”, and not only the benefits that are accrued out of it. Answering to it, Since Human Capital is an intriguing intangible asset and it will find the way of innovation to solve it.