late capitalism

noun

variants or less commonly late-stage capitalism

: the current stage of capitalism that began in the second half of the 20th century and that is characterized by globalization, the dominance of multinational corporations, broad commodification and consumerism, and extreme wealth inequality

In [Marxist literary critic Fredric] Jameson's account, late capitalism is characterized by a globalized, post-industrial economy, where everything—not just material resources and products but also immaterial dimensions, such as the arts and lifestyle activities—becomes commodified and consumable.

—David Aviles Espinoza

Note: When used in a nontechnical context, late capitalism evokes a system that reduces people to consumers and regards all objects and endeavors as a potential source of profit.

Over time, the semantics of the phrase shifted a bit. "Late capitalism" became a catchall for incidents that capture the tragicomic inanity and inequity of contemporary capitalism. Nordstrom selling jeans with fake mud on them for $425. Prisoners' phone calls costing $14 a minute. Starbucks forcing baristas to write "Come Together" on cups …

—Annie Lowrey

But runaway late capitalism thrives on increasing inequality, including unequal access to verifiable fact, as well as experience.

—Katy Waldman

The juxtaposition of towering fashion models and the scenes of turmoil at their high-heeled feet reflects with wry absurdity—as if through a fun-house mirror—the gap between the fantasies and realities of late capitalism.

—Leslie Jamison

The forces of late capitalism keep jettisoning blue-collar jobs and pricing the people that work them out of Chicago and other major American cities.

—Ryan Smith

Word History

First Known Use

1929, in the meaning defined above