Read it at Project Syndicate
Now the capitalist system has been corrupted. The managerial state has assumed responsibility for looking after everything from the incomes of the middle class to the profitability of large corporations to industrial advancement. This system, however, is not capitalism, but rather an economic order that harks back to Bismarck in the late nineteenth century and Mussolini in the twentieth: corporatism.
Blaming Capitalism for Corporatism
Edmund S. Phelps and Saifedean Ammous
(h/t Edward Harrison at Credit Writedowns)
They could have written "soft fascism" instead of corporatism.