Joseph Schumpeter on capitalism and creative destruction

The opening up of new markets, foreign or domestic, and the organisational development from the craft shop and factory to such concerns as US Steel illustrate the same process of industrial mutation – if I may use that biological term – that incessantly revolutionises the economic structure from within, incessantly destroying the old one, incessantly creating a new one. This process of Creative Destruction is the essential fact about capitalism.

~ Joseph Schumpeter, Capitalism, Socialism and Democracy (1942)