Given Joseph Schumpeter's Theory On Creative Destruction?

To What Extent Do You Agree With Karl Marx Theory That Capitalism Will Collapse And Will Be Replaced By Socialism, Given Joseph Schumpeter’s Theory On Creative Destruction?

According to the argument of Ravi Batra, a professor of economics at Southern Methodist University, ``excessive income and wealth inequalities are a fundamental cause of financial crisis and economic depression, which will lead to the collapse of capitalism and the emergence of a new social order” . I found this argument very interesting particularly the way the professor authoritatively identified a direct correlation between excessive wealth inequalities and financial crisis which would eventually lead to the collapse of capitalism and the emergence of a new social order.

This explanation reminded me of one research article by Doctor Mark Coorays which suggests that economic freedom and political freedom are two sides of the same coin . For me, this explanation points to how Luxembourg has successfully achieved both economic freedom and political freedom. Although it is possible for people to attempt a sort of balance, it seems capitalist tendencies or the idea of competitiveness in human nature would inevitably make people to alter the balance. But again the viability of socialist idea of economic freedom may be assessed in light of Winston Churchill’s electoral broadcast on 26th July 1945 where he stated that “a Socialist policy is abhorrent to the British ideas of freedom” . This is puzzling if it implies that socialism negates the essential principles of human rights. Churchill further stated in the broadcast that “Socialism is an attack on the right to breathe freely. No socialist system can be established without a political police”. These assertions completely counteract Doctor Mark Coorays proposition that economic freedom and political freedom are one and the same. And the fact that capitalism now dominates today’s world persuades me to agree with Churchill’s assertions rather than the proposition of Doctor