How long will investors invest in production when nothing is selling?
A functioning capitalist economy requires production, distribution, and consumption, according to Adam Smith (but then, what the heck did he know about it?).
Production requires investment. People will not invest if they are worried about government takeovers, quickly changing regulations and high taxes. It is too chaotic an atmosphere for anyone to want to invst in anything. This is what happened in the 30’s when FDR assaulted capitalism.
I lean more towards Ludwig Von Mises
Production of course is now done in China and consumers are working down their debt.