It’s a term you’ve probably heard a lot. Late Stage Capitalism. People use it to describe the absurdities and wild inequalities of the world today. But what is it exactly, and are we really living in it? And if so, what comes next?
Categories: Economics/Class Relations
Let’s distinguish “capitalism” from “crony capitalism”. They are different. Sadly, we have the latter, not the former.
Also, people tend to misuse the term “capitalism” when they mean “free market”. I say capitalism is simply a component of a free market: if a free market is allowed, there will be capitalism as a component.
A problem is that there is no consensus on what “capitalism” even means. Same with “socialism.”