Appetite for Creative Destruction (or: Anything Goes if It Makes You Enough Money)

January 12th, 2012

Inspired by At Bain, Romney believed in ‘creative destruction’ (Washington Post 1/12/11, A1).

 

 “The opening up of new markets, foreign or domestic, and the organizational development from the craft shop 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.” – Economist Joseph Schumpeter in his classic Capitalism, Socialism, and Democracy

 

Mitt Romney  is a big believer in creative destruction.

If you don’t know what that is, here’s an introduction.

 

The “creative” part is creating wealth for Mitt and his friends.

The “destruction” is destroying jobs for people whose careers he ends.

 

Yes, I know that’s not the traditional Schumpeterian definition–

It’s just the way things work out with vulture capitalist mergers and acquisition.

 

Anything goes, and it doesn’t matter who and what you slash

As long as it gets you and your buddies a big pile of cash.

***

Here’s your theme music and the inspiration for our title, Anything Goes by Guns N’ Roses, from their debut album Appetite for Destruction. Watch the second video below for a great extended live guitar solo by Slash.

 

NB: It’s interesting to note that while Schumpeter popularized the term “creative destruction” as it’s currently interpreted, it was original coined by Marxist economist Werner Sombart in his book War and Capitalism. Funny how Republicans have now adopted this tenet of Marxism

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