this post was submitted on 12 Nov 2024
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Late Stage Capitalism
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Depends. If you mean simple Social Safety Nets or UBI, these are band-aids on a much larger problem, that problem being Capitalism itself. If you mean public ownership of Capital and democratic central planning, ie Socialism, that is necessary and does work.
The problem with only increasing social safety nets is that these nets are eroded over time if you maintain Capitalisy power, and there is still the necessary rise in disparity that comes with late stage Capitalism as markets coalesce into syndicates ripe for central planning (which Marx took as meaning Socialism is the next phase in development of Mode of Production, as Capitalism creates the ideal conditions for Socialism over time).
I keep a "Read Theory, Darn It!" introductory Marxist reading list if anyone wants to read more, or feel free to ask questions.