Capitalising on cynicism

We are, apparently, in the era of late stage capitalism.

It’s taken a little longer to arrive than either the originator of the concept (Karl Marx in 1894) or the man who coined the term (Werner Sombart in 1923) may have thought, but it’s now everywhere. 

It’s invoked when discussing pricing for next year’s FIFA World Cup, which - through a combination of dynamic pricing and NFTs - is less about buying a ticket and more about screaming into a pillow months before your team gets knocked out on penalties after an inevitably stodgy attacking display. 

It’s mentioned in the context of people getting brands tattooed on themselves, such as the 470,000 people who appear to have permanently had the Disney logo drawn on their skin. Or in the rise of memecoins, in which Aussies not-so-proudly lead the way. Or in the case of Rini, a new skincare product for 3 year olds. Even Lababus have been called an example of late stage capitalism, although this is surely a mistake.

These are all (Lababus excepted) fine examples of a system that often feels exploitative, extractive, and openly cynical. 

The issue with late-stage anything is that it implies an imminent end. Marx thought the collapse of capitalism would lead to a socialist utopia, but then he didn’t foresee the Pump.fun token being touted as one of the best meme coins to buy ahead of the festive season, so what does he know?

Rather than economic revolution, the popularity of the term is more to do with weary fatalism from put-upon consumers. 

Overcoming that jaded worldview is arguably the biggest challenge for anyone looking to sell anything. Although not flogging hydrating face masks for toddlers at $10 a pop is probably a decent place to start.