This is from a letter to Coretta Scott, written in 1952.
“I imagine you already know that I am much more socialistic in my economic theory than capitalistic. And yet I am not so opposed to capitalism that I have failed to see its relative merits. It started out with a noble and high motive, viz, to block the trade monopolies of nobles, but like most human systems it fell victim to the very thing it was revolting against. So today capitalism has outlived its usefulness. It has brought about a system that takes necessities from the masses to give luxuries to the classes.”
– Martin Luther King, Jr.