Did Schumpeter believe capitalism would end?
While I emphasized the revolutionary nature of capitalism and its constant evolution, my prognosis in 'Capitalism, Socialism and Democracy' was indeed that it might eventually undermine its own foundations. I theorized that the success of capitalism, by creating a large intellectual class detached from entrepreneurial reality and by fostering a culture of rationalism, could lead to a shift towards collectivist arrangements. This was not an inevitability, but a potential outcome stemming from the very success of capitalist progress.
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