Publication

We are living through historic times. The world economy is suffering from one of the greatest financial crises of all times and we cannot yet know its full consequences for the financial system, the economy or society as a whole. Not surprisingly, most commentators focus on the dangers and damages that the crisis brings with it: The crisis as a destroyer of wealth, the crisis as a threat for growth and free world trade, the crisis as a threat for our living standards and so forth. In this article we offer an alternative view, looking at the crisis as a Schumpeterian event, i.e. a process of creative destruction, at the macro level.