Creative destruction (创造性毁灭 chuàng zào xìng huǐ miè) refers to the process of how disruptive innovation revolutionizes the economic structure. As entrepreneurs introduce new innovation, old industries and firms, which are no longer profitable, close down to make way for improved methods of production to benefit from existing resources. In the long run, this replacement could boost economic growth.
Part 1: Breakdown of Words
- Creative (创造性chuàng zào xìng) as in “creative thinking” (创造性思维 chuàng zào xìng sī wéi).
- “创” (chuàng) as in “innovation” (创新 chuàng xīn), “trauma” (创伤 chuāng shāng), or “band Aid” (创可贴 chuàng kě tiē).
- “造” (zào) as in “build” (建造 jiàn zào), “manufacture” (制造 zhì zào), or “style” (造型 zào xíng).
- “性” (xìng) as in “aggressiveness” (攻击性 gōng jī xìng), “property” (性质 xìng zhì), or “performance/function” (性能 xìng néng).
- Destruction (毁灭 huǐ miè) as in “destruction of evidence” (毁灭证据 huǐ miè zhèng jù).
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