The Frontier Centre for Public Policy has just released The Creative Destruction of the Sharing Economy by Lee Harding, a research associate with the Frontier Centre for Public Policy. This paper examines the creative destruction that the sharing economy is having on the transportation and hospitality industries. With the dawn of a new age, competition forces industry to rethink their business models in order to remain competitive.
Coined by economist Joseph Schumpeter, creative destruction characterizes the incessantly revolutionizing of an economic structure from within, destroying the old one and creating a new one. Creative destruction is a fact of capitalism and is what every capitalist must learn to live with.