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Buzzword
Late-stage capitalism, or simply late capitalism, is a buzzword that has been used frequently across social media from Instagram to Twitter, but what does it actually mean?
20th century
While there is no universally accepted definition, it refers to the current stage of capitalism, beginning in the second half of the 20th century.
Characteristics
It is characterised by globalisation, domination of MNCs, commodification, overconsumption, and extreme wealth inequality.
Origin
The term itself was coined in 1902 by German historian and economist Werner Sombart. He defined three stages of capitalism: early, advanced, and late capitalism.
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World War 1
As per Sombart, late capitalism referred to the latest stage of capitalist development, specifically to the economic, political, and social crises that emerged in the aftermath of WW1.
Ernest Mandel
The term began gaining traction in the 1970s when Belgian economist Ernest Mandel published a book titled “Late Capitalism”. He used the term to describe economic expansion after WW2.
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New era
According to Mandel, late capitalism wasn’t a change in the essence of capitalism. Rather, it was a new age characterised by accelerated global expansion, the rise of MNCs and credit-fueled economic activity.
Cultural subtext
However, it wasn’t until the 1990s that “late capitalism” acquired the cultural subtext associated with the social media use of the term.
Expansion of idea
In 1991, Fredric Jameson published the book Postmodernism or the Cultural Logic of Late Capitalism, in which he expanded Mandel’s idea of capitalism to the cultural realm.
Overconsumption
According to him, late capitalism is a phase in which everything, from material resources and products to non-physical assets, such as art and lifestyle activities, is commodified and made consumable.
You’re selling what now?
Labubus, selling accessories for tumbler, lip gloss covers, luxury jeans with fake mud, etc, are some apt examples of late-stage capitalism.
Non-threating
Jamerson thought of late capitalism as a non-threatening feature of capitalism, an idea echoed by critics of late capitalism.
Criticism
One research claims that supporters of late capitalism make a crucial error when they mix the idea that capitalism has legitimate problems with the idea that it is fatally flawed.
Conclusion
While debates around late capitalism continue in the academic arena, the term also remains a social media buzzword.
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