A church destroyed by a Russian attack on the village of Bohorodychne in Ukraine’s Donetsk region is pictured February 13. Photo: OSV News/Vladyslav Musiienko, Reuters
Michael Sanfey In a lecture delivered last month at the European University Institute in Florence, European Central Bank Executive Board member Isabel Schnabel referenced the importance of ‘creative destruction’, a concept associated with the Austrian political economist Joseph Schumpeter. It means that in a well-functioning system, productivity is boosted by the exit of inefficient…
