Sunday, March 22, 2009

Why It's OK for Newspapers to Die

Sonia Arrison writes:

"Creative destruction," a term coined by Joseph Schumpeter in his 1942 book Capitalism, Socialism and Democracy, means exactly what it says -- the process by which a new technology or structure replaces the old and builds a new infrastructure. This is how progress happens and capitalism moves ahead. For a clear example, think back a century or so, when Henry Ford released his first prototype automobile, relegating the horse and buggy, and the buggy whip industry, to obsolescence.

Most would agree that such creative destruction resulted in a good outcome for society. Yet, not everyone is willing to let such revolutions take place without a fight. Indeed, some politicians have proposed bailing out newspapers, as the federal government has done for failing automakers.


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