Jump to ContentJump to Main Navigation
Openness to Creative DestructionSustaining Innovative Dynamism$
Users without a subscription are not able to see the full content.

Arthur M., Jr. Diamond

Print publication date: 2019

Print ISBN-13: 9780190263669

Published to Oxford Scholarship Online: June 2019

DOI: 10.1093/oso/9780190263669.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2019. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 22 November 2019

The Benefits: Process Innovations

The Benefits: Process Innovations

Chapter:
(p.63) 5 The Benefits: Process Innovations
Source:
Openness to Creative Destruction
Author(s):

Arthur M. Diamond Jr.

Publisher:
Oxford University Press
DOI:10.1093/oso/9780190263669.003.0005

Process innovations mainly benefit consumers by reducing prices of services and of new and old goods, which benefits aspiring ordinary citizens more than the privileged rich. The interchangeable parts of the American system of manufacturing (famously demonstrated at Britain’s Crystal Palace in Victorian England) reduced the costs of many goods, bringing them within the reach of the working class. Process innovations are often financed by rich venturesome consumers who buy expensive early versions of new goods. Besides lowering costs, process innovations also increase the variety, convenience, and quality of goods. Important process innovations include Fritz Haber’s inventing a way to create fertilizer from air; Henry Ford’s adaptation of the assembly line to reduce the costs of manufacturing cars; Sam Walton’s logistical, information technology and managerial innovations to reduce the costs of retailing; and Jeff Bezos’s Internet process innovations to increase the variety, convenience, and speed of delivery of retail goods.

Keywords:   process innovations, working class, interchangeable parts, American system manufacturing, Crystal Palace, venturesome consumers, Henry Ford, Sam Walton, Jeff Bezos, Internet retailing

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .