Joseph A. Schumpeter is the grandfather of evolutionary economics and the origin of the theory that technical change (innovation) is the key to capitalism as an engine of development. However, in his most successful book “Capitalism, Socialism and Democracy” (CSD, 1942), he develops the thesis that capitalism cannot survive due to three reasons (obsolescence of the entrepreneurial function, destruction of the protecting strata, and the growing hostility towards capitalism). This article briefly considers Schumpeter’s theory of development and business cycles, his thesis put forward in CSD as well as a possible description of the actual economic crisis.