Not if the definitions of survival and fittest are both drastically different. For example in the economies you could have a true monopoly of a single entity controlling everything. That is possible. This is impossible however with life. In economics there is no natural "limit" the size or strength of any single entity in today electronic age. This is not true in biology. Economics are based on numbers and math. Biology is based on mutation.
Entropy has always been in the direction of more chaos and more diversity.
There is no classical evolution. If there was such a thing it would possibly be Darwin's origin of species which showcased a rudimentary understanding of what the theory developed into. So we have already shed this "classical evolution". There are no portions that the theory or the known mechanisms that require it to fall back into a basic state. I honestly have no idea, aside from assuming that it is personal belief, where you got that inclination. If you could explain it and the evidences behind it I would be much appreciated.
entropy tends towards equilibrium, decay, homogeny, that is the sense in which I am using the word at least.
I first got the inclination as an avid believer in evolution, I was writing a simulation to demonstrate the simple power of random mutation and natural selection- to a very intelligent creationist friend, a doctor, who I could not believe could possibly doubt evolution.
Of course my humble experiment was far from scientifically conclusive, but at the very least I demonstrated to myself that the mechanism was not nearly as simple as
I had imagined and I think many others do.
As Emergence notes here, niches are vital, without them there is no diversity, but that's just the beginning, niches have to be bridged and staggered in very specific way. successful species hit dead ends, like the horseshoe crab- the pool is simply too large and stable to evolve further, significant change is only possible in very small, stressed pools... but those are susceptible to extinction altogether,
in general, diversity has to be actively pursued by various finely balanced means
So by far the easiest result to achieve through the 'classical laws' of mutation and selection- is a vast homogenous simple blob of life which thrives to the exclusion of all others. Of course this does not reflect Earth, and that's the point, it's a far more 'guided' process than I'd imagined. Whether guided accidentally or on purpose, is debatable of course, but it's not a simple inevitable process.