Late-Stage Capitalism: The Cracks in the System
I'm kind of ignorant. Can you tell me what late-stage capitalism is?
Late-stage capitalism is a term used to describe the perceived excesses, contradictions, and inequalities of advanced capitalist systems. While it's not a formal economic term, it's often used critically to highlight issues like wealth concentration, consumerism, and the prioritization of profits over societal well-being.
Key characteristics associated with late-stage capitalism include:
Extreme Wealth Inequality: A small number of people or corporations control a vast majority of wealth, while many struggle to meet basic needs.
Corporate Influence: Large corporations dominate politics, media, and culture, often influencing policies in their favor rather than for the public good.
Consumerism and Waste: Encouragement of endless consumption leads to environmental damage and a sense of emptiness as people equate self-worth with material possessions.
Exploitation: Workers are often underpaid and overworked, while companies push for maximum efficiency and profits, sometimes at the expense of human and environmental health.
Focus on Short-Term Gains: Businesses and governments prioritize immediate profits or benefits over long-term sustainability or equity.
Commodification of Everything: Experiences, relationships, and even basic needs like healthcare and education are increasingly treated as products to be bought and sold.
The term is often invoked to criticize societal trends that feel absurd, unjust, or unsustainable, like skyrocketing housing prices, gig economy exploitation, or ads for luxury goods alongside news about poverty. It suggests that the system is unsustainable and nearing its breaking point—but no one knows how or when that might happen.
