this post was submitted on 15 Dec 2022
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Can we please kill the "late stage" capitalism meme it's a total misnomer
Why is that? Economic systems like capitalism clearly have early, middle, and later phases, and the superstructures are affected by what stage we're at.
This is just the ruling class sucking up profits it's not capitalism imploding this is just what it does.
Why is this late stage capitalism but 19th century child labor wasn't? Oh because the perks of being a tech wagie are finally eroding.
You are all stinky.
Part of it is optimistic. If it's late stage, it might be over tomorrow.
Part of it is comedy. Let people have their fun. And let humour be a vehicle for agitprop.
Part of it is theoretical. We're clearly in the midst of the monopoly finance stage of capitalism theorised by Lenin in Imperialism. Back then, Lenin could only see the buds of imperialism. Today it's in full flower.
Then there's Kwame Nkrumah who observed that post-WWII, the contradictions of capitalism were becoming antagonistic in the imperial core. The solution was to export those contradictions to the ex-colonies. This is Neo-Colonialism: The Last Stage of Imperialism.
There's no where left to go, nowhere else to export the contradictions unless it's back to the imperial core. This does seem to be happening, but once it does the international divides between the working classes will dissolve.
Capitalism is unlikely to solve that. Although it will try: see plummeting living conditions in the global north and attempts to colonise space. But really, there isn't much theoretical room for capitalism to develop into a yet further stage.