The term “late stage capitalism” has been used quite a bit recently, often by younger TikTok and YouTube economic commenters. The context is often with the notion that capitalism is a failure – and it’s time to turn our lives over to a technocratic elite and socialism (or Marxism) for the betterment of everyone. Or something.
How do you know you are at late stage capitalism until it has passed by?
In fact, the term was first used in 1925 – 100 years ago! Late capitalism – Wikipedia
It’s been predicted by – surprise – Marxists and socialists for 100 years! And still not there yet!
Today the term has become popular among the Gen Z chattering classes on TikTok and YouTube – in part because some of the media talking heads have promoted it and doomerism is popular – especially among young talkers about economics. The media itself thrives on doomerism mentality – where everything is awful and someone else’s fault.
“Late-stage capitalism” is a political statement (capitalism bad, socialism or Marxism good) and no longer has much to do with capitalism or economics.
It is a very old term – kind of sounds intellectual until you learn it’s history and that it’s a prediction made 100 years ago and still not true!
