"...capitalism would destroy itself by breeding a 'new class...' "

"Joseph Epstein’s [article] 'Socialists Don’t Know History' ... on the abysmal historical knowledge of young people brings to mind the prophesy of the keenest of economists, Joseph Schumpeter, in 1942 when he said that capitalism would destroy itself by breeding a 'new class: bureaucrats, intellectuals, professors, lawyers, journalists, all of them beneficiaries and, in fact, parasitical on them and yet, all of them opposed to the ethos of wealth production, of saving and of allocating resources to economic productivity.' The 77 years since then has proven Schumpeter a major prophet."

~ Larry W. White, from his 2019 letter to the Wall Street Journal. Hat tip The Dangerous Economist, who reposts a more similar yet more detailed 1992 article by Robert Samuelson 'Schumpeter: The Prophet'