The Demise of Black’s Photography

blacksAfter 85 years, Black’s Photography, one of the largest Canadian retail photography chains, went out of business in August 2015. As the Globe & Mail reported, Black’s was a “victim of a fast-changing digital industry and high-quality smartphone cameras and Instagram posts.”

This is a classic example of Joseph Schumpeter’s concept of creative destruction – how competitive business innovations generate economic profits for winners, improve living standards for all, but destroy less productive or less desirable products and production methods (Microeconomics for Life, Ch 8.4).


Leave a Reply

You must be logged in to post a comment.