Late-stage capitalism is a term used to describe the extreme inequalities, corporate greed, and systemic dysfunction that arise in the final phases of the capitalist economic system.
The phrase has gained traction in recent years as wealth disparity reaches historic levels, labor rights are eroded, and billionaires hoard resources while working people struggle to afford basic necessities.
WHY IT MATTERS: Late-stage capitalism exposes the failures of an economic system that prioritizes profit over people, leaving everyday Americans behind while enriching the ultra-wealthy.
THE BACKGROUND: Coined by Marxist economists, “late-stage capitalism” critiques the exploitative tendencies of capitalism as it nears its inevitable crisis point. In today’s world, the phrase is commonly used to highlight absurdities like corporate consolidation, skyrocketing CEO pay, and the erosion of workers’ rights.
There are several signs:
- Corporate greed: CEOs now earn hundreds of times more than their employees, while companies like Amazon and Starbucks bust unions to suppress worker power.
- Housing crisis: Wall Street firms buy up homes, turning them into expensive rentals while homelessness soars.
- Healthcare for profit: Life-saving drugs and medical treatments are priced out of reach for many, as insurance companies rake in billions.
- Climate catastrophe: Fossil fuel giants keep profiting while worsening climate disasters leave poor communities devastated.
THE IMPACT: Late-stage capitalism has made basic survival a luxury for many, forcing people to work multiple jobs, live paycheck to paycheck, and accept worsening conditions. Meanwhile, billionaires like Elon Musk and Jeff Bezos hoard wealth, evade taxes, and push for dystopian projects like space colonization instead of addressing problems on Earth.
WHAT’S NEXT: Growing discontent has fueled movements for economic justice, from labor unions to progressive political campaigns. Calls for wealth taxes, universal healthcare, and workers’ rights are growing louder—but real change will require dismantling the structures that uphold late-stage capitalism.