History Professor Debunks The Biggest Capitalism Myths on Reddit

The majority must suffer for the few to profit.

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Larger and larger wealth disparities,

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deregulation of the economy so the government

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isn't watching the businessmen anymore,

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I'm Eli Cook, historian of capitalism.

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YardPuzzleheaded263 asked, What's late-stage capitalism?

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Late-stage capitalism is actually more of an internet meme

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I like to think of it as the moment

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Some examples that I've come across

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that people have used in the internet,

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people who go to GoFundMe to buy their medicine

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like insulin, people paying $37 for raw water.

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A lot of times when I think of late-stage capitalism,

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I think of a question that people often ask,

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It looks like things are getting a little spicy

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One Redditor, vitringur, says that the whole use

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of the term is a Marxist mythology about the evolution

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of capitalism before it turns into socialism.

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Like with so many other pseudo-scientists,

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it's always right around the corner

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Late capitalism is definitely a term

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that Marxists have used, not necessarily to refer

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to the end of capitalism, but trying to explain

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And a lot of times, late capitalism was used as an idea

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of kind of very consumerist form of capitalism

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where people kind of aren't being exploited

Original source: https://www.wired.com/