Corey Robin in the New Left Review:
Lateness may imply death or an ending, as when we speak of my late grandfather or the late afternoon. When the German social theorist Werner Sombart first used the term in the early twentieth century, late capitalism did mean the end of capitalism. Yet ‘late’ in the superlative also suggests up-to-date or state-of-the-art, pointing not to the demise of something but to its refinement and advance. Surveying the same developments as Sombart, the Austrian Marxist Rudolf Hilferding claimed that the emerging economy of the twentieth century was simply ‘the latest phase of capitalist development’, a phrase echoed by Lenin, who took pains to remind his followers that ‘there is no such thing as an absolutely hopeless situation’ for the bourgeoisie.
Despite its popularity in recent years, especially since the 2008 financial crisis and the left-populist insurgencies that followed, late capitalism is not an idea that lends itself to revolution or a vision of progress. It may express a wish to be rid of capitalism. But mostly it works as a theory of turning points that never turn – or worse.
More here.
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