The COVID-19 pandemic created economic disruptions in 2020, forcing many businesses and entrepreneurs worldwide to rethink how they provided goods and services including things like meal delivery by drone to the expansion of on-line learning platforms. While the pandemic will certainly not be permanent, some businesses and industries have closed their doors permanently, while others have innovated and flourished under the new measures to meet changing consumer demand.
The economist Joseph A. Schumpeter, author of the 1942 book, Capitalism, Socialism and Democracy, is best known for popularizing the term “creative destruction” to describe the entrepreneurial process where, as new innovations arise, the old way of doing things often dies off as a result. This evolutionary process, he asserted, was essential to understanding capitalism.
Construct an essay exploring the importance of Joseph Schumpeter’s concept of creative destruction in understanding entrepreneurialism and economic progress in today’s world. Entrants may choose to analyze a particular industry or business (during any time-period) as a case study to bolster their essay.
How to Apply
The contest is open to students studying in Canada and to Canadian students studying abroad. Upon request, Canadian students studying abroad will be expected to provide proof of citizenship. A student is defined as someone who attends school in the 2020/2021 school year or is enrolled to attend in 2021/2022.
There will be three separate categories: high school, undergraduate, and graduate students. The category definitions are based on your status in the 2020/2021 school year; for example, if you are an undergraduate student from fall 2020 until spring 2021, you qualify in the ‘Undergraduate’ category.
Essay must be between 1,000-1,500 words, not including references.
Entry must be a single document, the header of each page of the essay must include the author’s full name and a page number.
Essay entry must include a cover page, which the name of the author(s), mailing address, phone number, and e-mail address. High school students should include school and grade. Postsecondary students should include school, major, and year of graduation
Entries will be judged on originality, clear expression of ideas, the ability to empirically support their argument and understanding of competitive markets and/or the impact of government intervention.
All entries and ideas become the property of the Fraser Institute. In addition to receiving cash prizes, winners may be published in Canadian Student Review once they have gone through the peer review process.