Is Capitalism Doomed? Scholars Debate Viability of Socialism as Replacement
The article discusses whether capitalism or socialism is a better system. It looks at how the Great Depression made people doubt capitalism's future. Joseph Schumpeter talks about how capitalism can decline and fall, and wonders if socialism could work instead. Karl Polanyi also talks about how capitalism can be destructive. Both authors suggest that socialism could be an option if certain conditions are met.