ABSTRACT
The world has witnessed an astonishing display of the power of innovation. As the Internet rose from obscurity to become the focus of a new electronic age, thousands of firms—entire new industries—sprang up, generating astronomic wealth for their founders. Now an even greater power is at work: creative destruction. Creative destruction is the capitalist secret that was never uncovered by Soviet spies. For creative destruction is not just an unfortunate side effect of free-market capitalism; it is the very engine of capitalist prosperity. The Soviet system has departed and far more timid forms of socialism are on the ropes, however, the Japanese rank among the world's leading guardians of security and stability. In the United States, controlled capitalism has yielded to turbo capitalism. Turbo capitalism is not the end of history. Humans surely have it in them to evolve a system better able to sort out the social and emotional as well as purely economic effects of its actions.
