"In his great work, Capitalism, Socialism and Democracy, Schumpeter speculated that the utilitarian turn of mind required and promoted by capitalism would, over time, corrode the practices central in bourgeois civilization. He suggested that the practice of long-term saving depended on a degree of marital and family stability that the habits of mind encouraged by advanced capitalist economies made unsustainable. Here Schumpeter advanced in its canonical form the argument that late modern capitalism expresses and aggravates cultural contradictions which make the free market unviable in political terms. By contrast with Schumpeter, Hayek celebrated the powers of creative destruction of capitalism without ever grasping that the traditional bourgeois social order he sought to preserve was among the cultural residues of the past that a late modern free market economy consigns to oblivion."
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John N. Gray, Hayek on Liberty (3rd ed., 1998), Postscript: Hayek and the dissolution of classical liberalism
https://en.wikiquote.org/wiki/Capitalism%2C_Socialism_and_Democracy
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Capitalism, Socialism and Democracy
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