Late capitalism

Definition

Late capitalism refers to the stage of capitalism characterized by the global expansion of capital and the commodification of nearly all aspects of life, reflecting a mature capitalist economy. This phase often highlights how culture, politics, and social relations are influenced by economic forces, illustrating a shift where market values become dominant in everyday life. It connects closely to commodification, which signifies the transformation of goods, services, and even human experiences into commodities that can be bought and sold.

5 Must Know Facts For Your Next Test

1. Late capitalism is often associated with the rise of consumer culture, where personal identity and social status are increasingly linked to material possessions.
2. This phase of capitalism emphasizes the globalization of markets, leading to a worldwide distribution network for goods and services.
3. In late capitalism, cultural products are commodified, meaning that art, literature, and entertainment are produced primarily for profit rather than for their intrinsic cultural value.
4. Critics argue that late capitalism contributes to social inequality as wealth becomes concentrated in the hands of a few while many struggle with economic instability.
5. The term highlights the contradictions within capitalist societies where technological advancements coexist with social dislocation and alienation.

Review Questions

• How does late capitalism influence everyday life and consumer behavior?
  • Late capitalism significantly shapes everyday life through the prevalence of consumer culture, where people define their identities based on their purchasing habits. The commodification process means that nearly every aspect of life—from personal experiences to cultural products—can be bought or sold. As a result, individuals often feel pressure to consume in order to signal status or belonging within society, impacting everything from self-worth to social relationships.
• Discuss how late capitalism relates to commodification and provide examples from contemporary society.
  • Late capitalism is deeply intertwined with commodification, which transforms various aspects of life into items for sale. In contemporary society, this can be seen in how personal experiences are marketed through platforms like Instagram, where vacations or meals become commodified for likes and shares. Additionally, healthcare and education are often treated as commodities accessible only to those who can afford them, reflecting the pervasive influence of market values in areas traditionally viewed as public goods.
• Evaluate the implications of late capitalism on social inequality and cultural production.
  • Late capitalism has profound implications for social inequality as it tends to concentrate wealth among a small elite while many individuals face economic hardships. This economic divide influences cultural production since artists and creators may prioritize marketability over artistic integrity to survive financially. Consequently, cultural outputs often reflect commercial interests rather than genuine expression or critical engagement with societal issues, leading to a homogenized culture that prioritizes profit over diversity.

Related terms

Commodification: The process through which goods, services, and even ideas are transformed into commodities that can be traded in the market.

Cultural Capital: The non-financial social assets that promote social mobility in a stratified society, such as education, intellect, style of speech, and dress.

Neoliberalism: An economic philosophy that emphasizes free-market capitalism, deregulation, and reduction in government spending as means to foster economic growth.