I think the big criticism with The Capitalist Manifesto is that it was essential the guiding philosophy in the late-1990's to early 2010s where the belief was that building a strong trade with China based on capitalist principles would lead to political change there.
It's impossible to say whether or not it is a fallacy of course, but this is a criticism that does need addressing.
The other major criticism is that it doesn't take into account externalities. It was written in the 1950s, before the birth of the modern environmental movement, but non-the-less the effect of unbound lassize-fair capitalism was understood and the book could do more to address this.
For me (as is common in political/economic trade offs) it's enough to say that the book makes some good points that seem more true than false, and there is enough data to show that it does work much of the time.
