About the book
Joseph Schumpeter's two-volume study ties the instability of capitalist societies to technological innovation and applies the theoretical framework of his earlier writings to historical and statistical evidence, filled out with detailed industrial history. The reprint follows the original 1939 edition, which was published in two volumes.
Haier chief executive Zhang Ruimin was reported to draw on its definition of innovation, the reorganization of the factors of production, when explaining Haier's approach.
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Zhang Ruimin (CEO/Haier Group)
Ruimin mentions Schumpeter's classic in the course of explaining Haier's philosophy on innovation. In a sentence, Ruimin says, that philosophy is: "Never follow only a single road."
Diving deeper, Ruimin refers to Schumpeter's definition of innovation in Business Cycles: "The reorganization of the factors of production." Here's what that means, from Ruimin's perspective: Generally speaking, your company and your competitors have access to the same resources. So the ongoing challenge of innovation is finding new ways to differentiate yourself, given the comparable access to those resources (talent, cash, raw materials).
"It's like poker. Everyone has the same number of cards," Ruimin tells strategy business. "It's how you play your hand that matters."
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