Joseph Schumpeter once asked the question - "Would capitalism survive?" His answer - "Probably not." Schumpeter believed that many factors mitigated against the survival of a free market economy. Among various debilitating factors, he listed the loss of political and social support for this system that he believed would likely accompany the emergence of the modern corporation. He also noted that capitalism encouraged the emergence of an intellectual class that wouldprove inherently hostile to its survival. Finally, Schumpeter believed that capitalism was a rationalizing force that would eventually destroy the ideologicaland moral underpinnings vital to its survival.
Read the full text in PDF .