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COVID-19 Shock and Schumpeterian “Creative Destruction”: Self-Enforcing Companies and Self-Development of the Future Dynamic Economy

COVID-19 Shock and Schumpeterian “Creative Destruction”: Self-Enforcing Companies and Self-Development of the Future Dynamic Economy

Olga Ivanovna Pilipenko, Zoya Andreevna Pilipenko, Andrey Igorevich Pilipenko
Copyright: © 2022 |Pages: 42
ISBN13: 9781668445037|ISBN10: 1668445034|EISBN13: 9781668445044
DOI: 10.4018/978-1-6684-4503-7.ch057
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MLA

Pilipenko, Olga Ivanovna, et al. "COVID-19 Shock and Schumpeterian “Creative Destruction”: Self-Enforcing Companies and Self-Development of the Future Dynamic Economy." Research Anthology on Business Continuity and Navigating Times of Crisis, edited by Information Resources Management Association, IGI Global, 2022, pp. 1132-1173. https://doi.org/10.4018/978-1-6684-4503-7.ch057

APA

Pilipenko, O. I., Pilipenko, Z. A., & Pilipenko, A. I. (2022). COVID-19 Shock and Schumpeterian “Creative Destruction”: Self-Enforcing Companies and Self-Development of the Future Dynamic Economy. In I. Management Association (Ed.), Research Anthology on Business Continuity and Navigating Times of Crisis (pp. 1132-1173). IGI Global. https://doi.org/10.4018/978-1-6684-4503-7.ch057

Chicago

Pilipenko, Olga Ivanovna, Zoya Andreevna Pilipenko, and Andrey Igorevich Pilipenko. "COVID-19 Shock and Schumpeterian “Creative Destruction”: Self-Enforcing Companies and Self-Development of the Future Dynamic Economy." In Research Anthology on Business Continuity and Navigating Times of Crisis, edited by Information Resources Management Association, 1132-1173. Hershey, PA: IGI Global, 2022. https://doi.org/10.4018/978-1-6684-4503-7.ch057

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Abstract

The COVID-19 pandemic shock pushed the objective processes of discontinuity in the evolution of a static economy. The new path of self-development of the economy in its dynamic state starts with transferring system to the basis of the Industrial Revolution 4.0. In this connection, the fundamental question arises related to what structure will be the main driver of the future dynamic processes. In this regard, the idea of J. Schumpeter about the entrepreneurs' ability to carry out “creative destruction” becomes highly relevant. It is about private business capable of self-regulation as well as building post-coronavirus systemic integrities both in the technological sphere, in society and economy. It is about their forced by COVID-19 understanding of the main factor of their success, associated with the employees and their potential which is largely formed in society and used in firms if they construct their internal organization on the principles of human centrism.

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