Can the collapse of a massive corporation such as Kodak represent something good? In this episode of Johan Norberg’s New and Improved, Norberg recounts the history of film and how it exemplifies the tug of war between innovation and stagnation.

In 2012, the 120 year old camera-film giant Kodak declared bankruptcy after failing to anticipate the disruptive effect that digital cameras would have on the film market. The irony: the first handheld digital camera was invented at Kodak but dismissed as a gimmick.

The history of film illustrates the power of creative destruction. When the prevailing norms and towering giants of the day begin to stagnate, it is only a matter of time before new innovations suddenly and brilliantly cast them aside.