Editing Late capitalism (section)

==Different labels and interpretations==

The idea of "late capitalism" was never accepted by the majority of social scientists and historians, because it was considered that the expression was tinged with political biases about capitalism, and because it is unknowable or uncertain whether capitalism is "on its last legs", or "if and when it will end". In addition, the theory of "late capitalism" failed to explain the global resurgence of competitive market capitalism since 1980 (the era of [[neoliberalism]] and [[globalization]]) and the collapse of [[state socialism]] in the [[Soviet Union]] and Eastern Europe in 1989–90. There seemed to be no real evidence of (1) long-term economic stagnation or prolonged negative economic growth in the advanced capitalist countries, (2) pervasive social decay and persistent cultural degeneration, or (3) pervasive and persistent popular rejection of capitalism and business culture by the population. {{Citation needed|date=May 2025}}

The Russian revolutionary [[Vladimir Lenin]] famously declared in 1920 that there are no "absolutely hopeless situations" for capitalism; short of an anti-capitalist political revolution overthrowing the rule of the [[bourgeoisie]], the system could always recover sooner or later.<ref name="marxists_Lenin_1920">{{citation |first=Vladimir Ilyich |last=Lenin |title=Report On The International Situation And The Fundamental Tasks Of The Communist International |date=July 19, 1920 |url=http://www.marxists.org/archive/lenin/works/1920/jul/x03.htm |access-date=November 29, 2019}}</ref> Lenin considered that the fate of capitalism was essentially a political issue, as it depended on the outcome of class struggles. The leaders of the [[Communist International]] (founded in 1919) believed that with the [[First World War]], a new world epoch of wars and revolutions had begun, and the [[Comintern]] programme defined [[imperialism]] as the highest and final stage of capitalism.<ref name="marxists_Lenin_191606">{{citation |last=Lenin |first=Vladimir Ilyich |title=Imperialism, the Highest Stage of Capitalism |date=June 1916 |url=https://www.marxists.org/archive/lenin/works/1916/imp-hsc/ |access-date=November 29, 2019}}; John Riddell (ed.), ''Lenin’s Struggle for a Revolutionary International. Documents, 1907-1916: The Preparatory Years''. New York: Pathfinder Press, 1984; "The Platform of the Communist International", in: ''Theses, Resolutions and Manifestos of the First Four Congresses of the Third International'', translated by Alix Holt and Barbara Holland. London: Ink Links 1980.[https://www.marxists.org/history/international/comintern/1st-congress/platform.htm]; Jane Degras (ed.), ''The Communist International, 1919-1943''. London: Routledge, 1971.</ref> The term "late capitalism" was generally not used by [[Marxism-Leninism|Marxist-Leninists]]. They used the concept of [[state monopoly capitalism]] (originally formulated by [[Lenin]]) to denote the highest developmental stage of capitalism.<ref>Gerd Hardach et al., ''A short history of socialist economic thought''. New York: St Martins Press, 1978, chapter 4, p. 63f.</ref>

Many non-Marxist historians and sociologists, however, have preferred more neutral terms, such as the "[[Late modernity|late modern era]]"<ref>David Inglis, "Better late than modern? Between ‘late capitalism’ and ‘late modernity’". ''European Journal of Social Theory'', Volume 27, Issue 4, 2024, pp. 521–539.</ref> or "[[Postmodernity|post-modern era]]". Some Continental and Anglo-Saxon historians refer to ''late [[bourgeois society]]'', in contrast to ''early bourgeois society'' in the 17th and 18th century and ''classical bourgeois society'' in the 19th and early 20th century.

According to [[Google Books Ngram Viewer]], the frequency of mentions per year of the term "late capitalism" in publications has increased steadily since the 1960s. In 2017, an article in ''[[The Atlantic]]'' highlighted that the term "late capitalism" was again in vogue in America, as an ironic term for modern business culture.<ref name="theatlantic_Lowrey_20170501">{{cite magazine |last=Lowrey |first=Annie |date=May 1, 2017 |title=Why the Phrase 'Late Capitalism' Is Suddenly Everywhere: An investigation into a term that seems to perfectly capture the indignities and absurdities of the modern economy |url=https://www.theatlantic.com/business/archive/2017/05/late-capitalism/524943/ |access-date=November 29, 2019 |magazine=The Atlantic}} See also: Kimberley Amadeo, "What is Late Stage Capitalism?". ''The Balance'' (New York), 17 June 2024.[https://www.thebalancemoney.com/late-stage-capitalism-definition-why-it-s-trending-4172369]; David Aviles, "We live in a time of ‘late capitalism’. But what does that mean? And what’s so late about it?" ''The Conversation'',  December 7, 2022 [https://theconversation.com/we-live-in-a-time-of-late-capitalism-but-what-does-that-mean-and-whats-so-late-about-it-191422]; David Elias Aviles Espinoza, "Unpacking late capitalism". ''University of Sydney News'',  20 December 2022.[https://www.sydney.edu.au/news-opinion/news/2022/12/20/unpacking-late-capitalism.html]</ref> In contemporary academic or journalistic usage, late capitalism often refers to a new mix of (1) high-tech advances, (2) the concentration of (speculative) financial capital, (3) [[post-Fordism]] (transition of mass production in huge factories, as pioneered by [[Henry Ford]], towards specialized markets based on networks of smaller and more flexible manufacturing units),<ref>{{cite web | url=https://www.dictionary.com/browse/post-fordism | title=Post-Fordism Definition & Meaning }}</ref> and (4) growing [[income inequality]].<ref>Harry Targ, ''Challenging late Capitalism, Neoliberal Globalization, & Militarism''. Carl Davidson, 2006, p. 15–26</ref>