Creative Destruction—Conservatives and Change Part II
Continuing their discussion from last week on conservatism and change, Keith and Remington talk about the need for conservatives to once again champion Creative Destruction—the engine of change and progress in a free market economy. Creative Destruction, the process by which old ideas and industries are destroyed by new ones, is the essential fact about capitalism according to 20th century economist Joseph Schumpeter, and the mechanism by which the benefits of our economy are distributed to the masses.
Today, both conservatives and liberals stand in the way of Creative Destruction. Conservatives support large, incumbent business interests at the expense of the small and more innovative enterprises that have historically been the engines of growth. Liberals, in their desire to protect consumers, suffocate innovation and creativity with regulation and red tape. As a party that’s traditionally championed capitalism, conservatives must re-embrace Creative Destruction and enact policies that support, not hinder it.