Economic Disruption

Definition

Economic disruption refers to significant changes or disturbances in the traditional economic system that result in the displacement of industries, jobs, and business models. It often involves the introduction of new technologies or processes that cause shifts in production methods, distribution channels, and consumer behavior.

Related terms

Technological Innovation: The development and implementation of new technologies or processes that lead to improvements in products, services, or production methods.

Industrial Revolution: A period of rapid industrialization and technological advancements during the late 18th century and early 19th century that transformed economies from agrarian-based to factory-based systems.

Creative Destruction: The concept coined by economist Joseph Schumpeter which describes how innovation and technological progress constantly replace old industries and create new ones.