Creative Destruction

In order toexpand capital markets, you need to blow these places up. In sociology, this is known as creative destruction. For example, some cities in Japan can be used as an example. It allowed a moderniation to the city because they had to start over. There factories got competitive. By having this, it creates the factories to open up again for the possibility for value, gain, profit. This happened in New York City in the 1980's. It went in three steps of gentrification: 1.) uses of space- (Artists)
2.) perspective
3.) nature of space- (Reinvestment)

In an article written by Deirdre McCloskey, the author speaks about creative destruction vs. the new industrial state. Another article spoke of Schumpeter's Creative Destruction, and asked an interesting question. "Thoughtful scholars from Adam Smith to Jared Diamond, have asked the same life-and-death question: why do some societies succeed, and others fail, in producing the goods that make life long, healthy and prosperous? Smith's answer was basically that when societies adopt the rules of market capitalism, their economies grow, and when they do not adopt the rules of market capitalism, their economies do not. Since Smith, other economists have developed more formal models of economic growth. The classic "Solow growth model" emphasized the investment of capital" (Diamond 1).

"The oxymoron "creative destruction" suggests the tensions that are at the heart of urban life: between stability and change, between particular places and undifferentiated spaces, between market forces and planning controls, and between the "natural" and "unnatural" in city growth. Page investigates these cultural counterweights through case studies of Manhattan's development, with depictions ranging from private real estate development along Fifth Avenue to Jacob Riis's slum clearance efforts on the Lower East Side, from the elimination of street trees to the efforts to save City Hall from demolition" (Page 1).

This creative destruction is an interesting concept in sociology, and is a great way to express some of the history of certain cities.