I don't know how you can say that. What does "free market capitalism" entail according to you? Wikipedia's definition is just a ruse to be able to claim that free market capitalism is sane, but you can't exclude a governing authority and monopolies at the same time, because the latter always arises. So, in reality, you have to choose, and if you choose absence of authority, corporatocracy is an automatic extension of free market capitalism.
Every unmaintained system degrades. That's next to a tautology. In my opinion, the base problem is modern technology itself that creates the capability for widespread wealth inequality and social fragmentation, without needing real labor or social bonds anymore.
I think the latter problem already existed 1000, even 2000 years ago.
But maintenance requires supervision, which seems to contradict "free" in "free market capitalism." Without restrictions, greed makes corporations (or armies, or the maffia) seek influence at the highest levels of governance.
Only in the minds of people who make capitalism a religion. It has always been like this, early capitalism was even worse with dirty money buying every politician they could get their hands on. Just read anything about the US in the end of the 19th century.