The idea of the “late capitalist” era

During the 1970s Marxist economist Ernest Mandel published his magnum opus: Late Capitalism.

He was prescient re: fully generalized industrialism, a fully globalized workforce, fully exploited natural resources. Fiat currencies. Financialization of economies to a point where the value of financial assets becomes divorced from real-economy valuations. The system highly managed by governmental manipulations and central bank interventions.

The build-out of industrial development worldwide has resulted in productive overcapacity. Too much steel. Too many cars. Oversupply results in deflationary tendencies and slowing growth rates. Decades of policies trying to counter such have brought things to a point of unprecedented extremes in terms of governmental fiscal deficits, central bank balance sheets, interest rates, and future returns on financial assets. We now face an environment characterized by economic upper bounds (deficits, balance sheets), financial lower bounds (interest rates, returns on capital), plus the consequences of over-exploitation of resources and disregard for systemic “externalities” (like pollution).

What follows “late capitalism” ??