Citation needed. Also, I’m all ears for a viable replacement that doesn’t devolve into autocracy or government-endorsed corruption, and still allows for taking risk and forward progress.
https://en.wikipedia.org/wiki/Great_Recession
Here's some citation for ya.
As for viable replacements that allow for forward progress: https://en.wikipedia.org/wiki/Workers%27_self-management
(Also, for that matter, it's not like capitalism doesn't tend to devolve into autocracy and corruption)
The "alternative" you envision is premised on shifting power back to the masses, but I think it's also important to mention guardrails to prevent excessive capital accumulation. There would still be an economy, but it would be driven by a more egalitarian aggregate demand and less likely to suffer the shocks of boom bust cycles associated with financial malarkey.