However, generations of economists have associated the term “Creative Destruction” with the Austrian economist Joseph Schumpeter who writing in the 1940s described capitalism as “the perennial gale of creative destruction”. It has become a shorthand description on how economies evolve, incessantly destroying old jobs, companies and industries, incessantly creating new ones. Transportation provides a dramatic example of creative destruction at work.
3  Alternatives to CBDC  Ladies and gentlemen,  Page 8 of 10 Deutsche Bundesbank, Directorate General Communications Wilhelm-Epstein-Strasse 14, 60431 Frankfurt am Main, Germany, Tel: +49 (0)69 9566 3511, Fax: +49 (0)69 9566 3077 presse@bundesbank.de, www.bundesbank.de Reproduction permitted only if source is stated. Looking at the future of payments, consumers’ preferences and needs should be front and centre.