Basement Whatever

The phrase “late stage capitalism” is getting thrown around more and more lately in ways that are cringe and annoying. I’m starting to shut out people who use it.

Consider:

• Many of the ills of “late stage capitalism” have been features from the beginning
• What evidence is there that “late stage capitalism” is even a thing? Some accelerationists even think that AI is the evolution of capitalism. I’m not sure what the signs are that “late stage capitalism” is here, but I am very sure there are equally valid countersigns that capitalism continues its forward momentum, such as the continued absence of any meaningful alternatives, the comparison in price between goods highly exposed to capitalism (price goes down) and the goods shielded from capitalism (price goes up), and the growing exposure to markets everywhere
• Speaking of worldwide markets, I’m more convinced “late stage capitalism” is just capitalism introduced to world markets without adequate domestic safeguards, leading to all sorts of distortions and pain. Instead of “late stage capitalism” that’s more “unwise state execution of capitalism” – doesn’t quite roll off the tongue, though
• Lots of “late stage capitalism” claims are better suited to “late stage republic,” not “late stage capitalism”

I regret to say that this phrase has moved into the mainstream so much that it’s time to start rolling your eyes whenever you hear it and asking for evidence of the claim.