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Updated: August 1, 2024
In his book, "Facial Justice", Hartley describes a post-apocalyptic dystopia, New State, in which envy is forbidden and equality extolled and everything enviable is obliterated. Women are modified to look like men and given identical "beta faces". Tall buildings are razed. Joseph Schumpeter, the prophetic Austrian-American economist, believed that socialism will disinherit capitalism.
Schumpeter seemed to have captured the unsettling nature of innovation unpredictable, unknown, unruly, troublesome, and ominous. Innovation often changes the inner dynamics of organizations and their internal power structure. It poses new demands on scarce resources. It provokes resistance and unrest. If mismanaged it can spell doom rather than boom.
Still, Schumpeter believed in the faculty of "disruptive technologies" and "destructive creation" to check the power of oligopolies to set extortionate prices, lower customer care standards, or inhibit competition. Linux threatens Windows. Opera nibbles at Microsoft's Internet Explorer. Amazon drubbed traditional booksellers. eBay thrashes Amazon.
But all these worthy efforts ignore what James O'Toole called in "Leading Change" "the ideology of comfort and the tyranny of custom." The much quoted Austrian economist, Joseph Schumpeter coined the phrase "creative destruction". Together with its twin "disruptive technologies" it came to be the mantra of the now defunct "New Economy".
Schumpeter himself gave equal weight to new forms of "credit creation" which invariably accompanied each technological "paradigm shift". In the absence of stock options and venture capital there would have been no Microsoft or Intel. It would seem that both management gurus and ivory tower academics agree that innovation technological and financial is an inseparable part of competition.
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