Late capitalism

In (neo-)Marxist interpretations of history, the advanced stage of capitalism that has been prevalent in Western societies since 1945.

"Latest capitalism", "neo-capitalism" and "post-capitalism" are related or rivalling concepts. All these terms point to an important change: unlike Marx, for whom capitalism was connected to the primacy of industrial production and class struggle, we live in post-industrial societies (information, media or high-tech societies). As a result, capitalism manifests itself in new ways (e.g., multinational corporations, the international flow of capital, financial speculation) and permeates more, if not all, areas of life. The institutions that used to exist outside of, or even in opposition to, the economic system are now submitted to the logic of capitalism. Science, education or healthcare are obvious examples: universities nowadays receive a brand identity, as do hospitals or entire nations.

According to Frederic Jameson, postmodernism is the cultural manifestation of late capitalism.