The possible fundamental reasons why growth is slowing down in OECD countries

In his famous 1942 book (1) , Joseph Schumpeter explains that he does not believe that capitalism can survive , for three reasons: the disappearance of profitable investment opportunities; corporate concentration, the appearance of monopolies; the disappearance of social classes (entrepreneurs) that defend capitalism, the welfare state, social rules increasingly restricting entrepreneurs’ freedom. All these developments, according to Schumpeter, will lead to the disappearance of growth, and the disappearance of growth will lead to the disappearance of capitalism. It is interesting to see Karl Polanyi’s (2) completely different view on the latter point; he believes that capitalism (the market economy) will disappear because of the lack of social relationships, the integration of persons in a society, the implementation of solidarity systems, regulations and social welfare. We will therefore seek to determine whether the decline in growth in OECD countries, which could therefore lead to a rejection of capitalism, has fundamental reasons, and whether these underlying reasons can be similar to those put forward by Schumpeter. J. Schumpeter “Capitalism , Socialism and Democracy” , Petite Bibliothèque Payot, Paris, 1942 K. Polan y i “The Great Transformation” , 1944 (Gallimard 1983)