Also termed late capitalism
In: 1
Late stage capitalism is a politically-charged term used generally by staunch liberals who assume that capitalism inevitably leads to inequality without any regard to institutions in the political economy which might be a countervailing force.
The term has risen to prominence in the US where inequality has become significant after years of globalization, deregulation, and business-friendly policies since the Regan and Carter administrations.
The term is a bit misleading as it doesn’t allow for the fact that the current economic realities in the US are due to a complicated combination of factors more than “capitalism.” In fact, the use of the term “capitalism” is at once highly reductive and misleading as it is not a binary state. Even countries Americans describe as “socialist” causally are actually capitalist to a high degree.
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