In the last few weeks a number of high street names have closed for good. In Analysis Phil Tinline asks whether, amid the gloom, there is a reason to celebrate.

The economist Joseph Schumpeter first coined the phrase "creative destruction" in the 1940s. Innovation he believed causes the death of established businesses and leads to new opportunities.

So, are company failures necessary for future growth? Or is "creative destruction" a comforting delusion, not a saving grace?

Producer : Rosamund Jones.