late capitalism definition

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What is late capitalism?

In modern usage, late capitalism often refers to a new mix of high-tech advances, the concentration of (speculative) financial capital, post-Fordism (transition of mass production in huge factories, as pioneered by Henry Ford, towards specialized markets based on small flexible manufacturing units), and a growing income inequality.

What is late-stage capitalism?

Late-stage capitalism is a popular phrase that targets the inequities of modern-day capitalism. For example, it spotlights the immorality of corporations using social issues to advance their brands. It also criticizes the growing wealth gap and the concentration of power in the hands of a few.

When did late capitalism start and end?

For Mandel, “late capitalism” denoted the economic period that started with the end of World War II and ended in the early 1970s, a time that saw the rise of multinational corporations, mass communication, and international finance. Roberts said that the term’s current usage departs somewhat from its original meaning.

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