Creatively Avoiding Destruction

Doomed businesses aren't always. A nice reminder comes from Catherine Rampell's How Industries Survive Change. If They Do. Her piece looks at whether the American newspaper and auto industries might survive their current straits. She highlights other industries that once seemed headed for death but have managed to survive, in some cases by becoming luxury items (fountain pens, mechanical wristwatches) in others by finding new markets (radio, for one).

She also notes that Toyota's primary business was once making looms, Nokia's paper, and IBM's accounting equipment. Though she holds out only a little hope for her industry, newspapers.