The phrase “late-stage capitalism” is frequently used to criticize or characterize the alleged excesses, disparities, and instability of contemporary capitalist economies, especially in their more developed forms. It alludes to a stage of capitalism in which consumerism, corporate power, and wealth inequality rule economic and social structures, frequently at the price of social justice, worker rights, and environmental sustainability.
Economic Concentration: A concentration of wealth and power among a few companies and individuals is sometimes linked to late-stage capitalism. This has resulted in a system where big businesses profit from laws that give them an advantage over smaller rivals, fostering economic inequality.
Commodification: In this phase, cultural and social elements are also commodified in addition to tangible items. As we go toward a globalized, post-industrial economy where innovation is motivated more by profit than by true societal needs, everything from art to personal identities becomes part of the consumer market.
Impact on Society: As society shifts its focus from sustainable practices to immediate consumption, late-stage capitalism has resulted in a general sense of disconnection from historical contexts, rising living expenses for the average person, and an increase in mental health problems as a result of the relentless consumer culture. According to critics, this era is characterized by the buildup of “non-productive” riches, in which monetary gains do not result in wider economic advantages for society.
Future Considerations: Possible transitions to post-capitalist societies that place a higher priority on sustainability and equality are frequently at the heart of conversations about what comes after late-stage capitalism. This involves reconsidering consuming habits in view of social justice movements and climate change.