32
Unit
5
INDUSTRIAL AND TECHNOLOGICAL
INNOVATIONS
READING
1. Read the text and complete the sentences using the phrases given
below:
A)
becomes widespread
F)
improve
a product or service
B)
disrupt existing markets
G)
“disruptive”
C)
rewarded innovation and im-
provement
H)
have provided most of the re-
search
D)
facilitate innovation
I)
were no longer demanded
E)
by increased federal funding for
science,
with grants awarded on
a competitive basis
J)
illustrate
American economist and sociologist Joseph Schumpeter used the
term creative destruction
to describe change of the economy from within.
He viewed entrepreneurs, who invent new
goods and new ways of doing
things, as essential to keeping an economic system constantly evolving.
New products or ways of doing things necessarily
(1)
… … … … … .
Schumpeter saw the process of creative destruction
as positive in the long
run because it promoted economic growth and
(2)
… … … … … . Such
experiences were informative to businesses to
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