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καινοτομία: On the Greek Origins of Innovation

The current positive view of innovation is less than a century old. The leading figure in this transformation was Joseph Schumpeter, whose works evolved through the first half of the 20th century. It was he who exposed and solidified the modern view of innovation as a process of “creative destruction”: The opening up of new markets, foreign or domestic, and the organizational development from the craft shop and factory to such concerns as U.S. Steel illustrate the same process of industrial mutation—if I may use that biological term—that incessantly revolutionizes 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. (Schumpeter 1942, p. 82)