James Burnham
Capitalism is dying, but socialism will not replace it. Instead, a new ruling class of technocrats and administrators is quietly seizing control of both the economy and the state.
The defining historical shift of the twentieth century is the separation of ownership from control, rendering traditional capitalists obsolete in favor of 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 unlimited expansion of the centralized state to coordinate complex economic activity and secure their dominance over the rest of society.