The economist Joseph Schumpeter famously observed that gales of creative destruction remake and reshape economies, industries, and businesses. It is nothing new that economies are in flux, always changing, from within and sometimes due to outside forces, including those that occasionally deliver unanticipated and sudden jolts.
What is new is that these gales are increasingly digital, meaning they act less like periodic and slow rumbling waves and more like constant, fluid storms of creative destruction that upend industries and shift consumer behavior over a few years rather than decades. They can now act so fast that by the time you hear thunder, the storm is on top of you.
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