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SCHUMPETER S GHOST : IS HYPERCOMPETITION MAKING THE BEST OF TIMES SHORTER? by Robert R. Wiggins Fogelman College of Business and Economics University of Memphis Memphis, TN 38152 (901) 678-5719 and Timothy W. Ruefli Department of Management Science and Information Systems McCombs School of Business and IC2 Institute University of Texas at Austin Austin, TX 78712 (512) 471-9454 Accepted for publication in Strategic Management Journal Pre-press version: Please do not quote or cite until publication Manuscript May 5, 2005 2 SCHUMPETER S GHOST : IS HYPERCOMPETITION MAKING THE BEST OF TIMES SHORTER? ABSTRACT At the center of SCHUMPETER s theory of competitive behavior is the assertion that competitive advantage will become increasingly more difficult to sustain in a wide range of industries.

SMJ03-5327.FINAL 3 INTRODUCTION While Schumpeter’s (1942: 84) notion of a “gale of creative destruction” has garnered the most attention in the research and practitioner literatures, it is the role profit plays in

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