The Problem with Late Capitalism

Today we begin GEOG 170 with a brief overview of the problem of late capitalism. This problem begins with the term itself, “late capitalism,” or as it was expressed in its mother tongue, German, Spätkapitalismus. Of course, the problem with Spätkapitalismus is that it always seems to be arriving, but it never seems to actually pull into the station. This establishes two related problems for GEOG 170. What qualities of mature capitalism—which is to say fully elaborated capitalism—regularly lead interpreters to hypothesize the immanent end of capitalism; and why do these hypotheses so predictably fail to adequately grasp the true character—the Phoenix-like resilience—of this remarkably durable social form?

Even so staid a repository of neoliberal wisdom, The Economist, bore the recent title “What Next?” on its banner head. What Next? Well, capitalism of course.

But perhaps our problem and the problem of so many interpreters who have been duped by the appearance of Spätkapitalismus is that we think we know what late capitalism will look like. Will it look like Tahrir Square or Times Square? Or will it look like something “completely different,” as Monty Python’s Flying Circus was fond of reminding us?

So, as we settle into late capitalism it might be worthwhile to reflect on precisely what late capitalism would look like. Like this? And, if not like this, then like what?