James Burnham
Capitalism will not be followed by socialism, but by a new order in which ownership and control split apart and technocrats and administrators increasingly direct both the economy and the state.
The defining historical shift of the twentieth century is the separation of ownership from control, rendering traditional capitalists secondary to highly skilled administrators.
A new ruling elite composed of business executives, technocrats, and government bureaucrats is consolidating power by directing the processes of production rather than owning the physical assets.
The managerial class relies on the expansion of the centralized state to coordinate complex economic activity and secure its dominance over the rest of society.