Author: Albert Einstein
According to Einstein, the profit motive of a capitalist society, in conjunction with competition among capitalists, leads to unnecessary cycles of booms and depressions, and ultimately encourages selfishness instead of cooperation. In addition, the educational system of such a society would be severely undermined because people will educate themselves only to advance their careers. This results in the "crippling of individuals" and the erosion of human creativity. Unrestrained competition in a capitalist society leads to a huge waste of labor and causes economic anarchy, which Einstein denounces as the real source of capitalism's evil...
The essay concludes with Einstein's analysis on how to solve these problems through a planned economy: I am convinced there is only one way to eliminate these grave evils, namely through the establishment of a socialist economy, accompanied by an educational system which would be oriented toward social goals.(Wikipedia)