Roger Passman-Fischel 
10 Things to Know About Late-stage Capitalism: The World Stacked Against the Rest of Us
Introduction
10 Things to Know About Late-stage Capitalism reveals the systemic greed of corporate elites who place profits above people. The massive monopolies leave the rest of us with very little as they amass vast fortunes and tickle the greed of their shareholders without regard to the vast majority; I refer to the rest of us. The strategy is a simple one, keep prices high, and force the burden of debt on everyone earning a middle-class wage. The strategy also calls for control of politicians through legalized bribery assuring that Congress and the Senate do what they are told.
Over the past year, examples of unchecked exploitation and widening inequality have dominated headlines, exposing a world where executives amass obscene wealth while working families and the elderly face increasing hardships.
1. Late-Stage Capitalism and Economic Inequality
10 Things to Know About Late-stage Capitalism
Economic inequality stands as late-stage capitalism’s most glaring failure. In 2023, Oxfam reported that billionaires gained $2.7 billion daily, while 60% of the global population saw their incomes stagnate or decline (Oxfam International, 2023). Elon Musk’s net worth soared by $95 billion, even as Tesla faced lawsuits alleging unsafe working conditions and rampant layoffs to appease shareholders (Bloomberg, 2023). In Los Angeles, a 10% rise in homelessness forced families to live in cars while landlords raised rents to exploit a housing shortage, exposing the callous greed of executives who profit off human suffering (Los Angeles Times, 2023).
2. Corporate Monopolies Drive Exploitation
10 Things to Know About Late-stage Capitalism
Monopolistic practices allow top executives to exploit workers for record profits. Amazon exemplifies this behavior. In 2023, warehouse workers reported “impossible quotas” that caused severe injuries, yet Amazon CEO Andy Jassy earned $212 million in compensation (The Guardian, 2023). Similarly, Walmart cut thousands of jobs to automate stores while funneling $11 billion into stock buybacks. CEO Doug McMillon reaped millions in bonuses as low-wage employees relied on food stamps to survive (Forbes, 2023). Here we are at only number 2 of 10 Things to Know About Late-stage Capitalism and it’s hard to swallow. But read on, the struggle gets worse.
3. Climate Injustice Highlights Corporate Profit Priorities
10 Things to Know About Late-stage Capitalism
Corporate disregard for environmental justice showcases late-stage capitalism’s indifference to humanity’s future. In 2023, ExxonMobil executives celebrated $55.7 billion in annual profits while lobbying to weaken emission regulations (Reuters, 2023). Wildfires in Canada, exacerbated by oil and gas emissions, displaced thousands, many of whom had no financial safety net. Meanwhile, Shell announced bonuses for executives tied to fossil fuel production, even as climate scientists warned of irreversible damage (The Guardian, 2023). The oil giants’ greed directly sacrifices global well-being to ensure short-term profits.
4. Health Care Becomes a Commodity
10 Things to Know About Late-Stage Capitalism
Late-stage capitalism transforms health care into a commodity, prioritizing profits over lives. In 2023, pharmaceutical executives faced scrutiny after insulin prices tripled despite manufacturing costs remaining under $10 per vial. Eli Lilly’s CEO took home $21 million in pay while patients skipped doses to afford rent (American Diabetes Association, 2023). Similarly, hospitals owned by private equity firms continued billing families exorbitantly, driving many into bankruptcy. One Tennessee family faced a $35,000 charge for an appendectomy, a procedure that costs less than $2,000 in other nations (New York Times, 2023).
5. Education Reinforces Inequality
10 Things to Know About Late-stage Capitalism
Higher education deepens inequality under late-stage capitalism, as elite institutions prioritize wealth over merit. In 2023, Harvard admitted record numbers of legacy students, ensuring the wealthiest families retained access to elite networks. Harvard’s president earned $1.3 million while increasing tuition, forcing many students to take on crippling debt (U.S. Department of Education, 2023). Meanwhile, student loan debt reached $1.7 trillion, and predatory lenders profited by offering “refinancing” schemes with hidden fees. Public universities, stripped of funding, relied on adjunct professors earning poverty wages to keep costs low for executives. 2 more down and still 10 Things to Know About Late-stage Capitalism is not our friend.
6. Gig Economy Workers Face Precarity
10 Things to Know About Late-stage Capitalism
Gig economy platforms exemplify exploitation in late-stage capitalism. In 2023, Uber drivers went on strike in New York, demanding fair pay as CEO Dara Khosrowshahi collected a $24 million compensation package (CNBC, 2023). DoorDash and Instacart executives also earned multimillion-dollar bonuses by cutting delivery workers’ wages and tips, forcing many to work 60-hour weeks to make ends meet. Gig workers, classified as “independent contractors,” receive no health care, retirement, or job protections—creating a cycle of financial instability while executives hoard wealth.
7. Housing Crisis Intensifies
10 Things to Know About Late-stage Capitalism
Corporate landlords and private equity firms escalate the housing crisis under late-stage capitalism. In 2023, Blackstone, the world’s largest landlord, evicted tenants en masse after acquiring struggling properties during the pandemic. Rents in major cities like San Francisco soared past $3,500 for a one-bedroom apartment, even as vacancy rates rose (Zillow, 2023). Blackstone’s CEO, Stephen Schwarzman, personally earned over $1 billion in 2023 while families were forced into shelters or onto the streets (Reuters, 2023).
8. Consumer Culture and Overproduction
10 Things to Know About Late-stage Capitalism
Late-stage capitalism fuels endless consumerism to maximize profits. In 2023, Apple introduced incremental updates to its iPhone lineup while discontinuing support for older models, effectively forcing consumers to purchase new devices. CEO Tim Cook earned $99 million in compensation that year, while the tech giant’s environmental impact skyrocketed (TechCrunch, 2023). Meanwhile, fast fashion retailers like Shein profited from exploitative supply chains, producing disposable clothing that clogs landfills. Executives pocketed billions while workers endured unsafe conditions for pennies per hour (BBC, 2023).
9. Media Consolidation Limits Information Access
10 Things to Know About Late-stage Capitalism
Late-stage capitalism consolidates media ownership, restricting diverse viewpoints. In 2023, Disney’s acquisition of Hulu highlighted the trend of corporate dominance in entertainment. Disney CEO Bob Iger earned $27 million while journalists at local media outlets faced layoffs, leaving communities without essential news coverage (Variety, 2023). Billionaires like Jeff Bezos and Rupert Murdoch continue to control media empires, shaping narratives that protect their interests while silencing dissenting voices.
10. Rising Labor Movements Push Back
10 Things to Know About Late-stage Capitalism
Despite corporate greed, 2023 witnessed a resurgence in worker activism. Hollywood writers and actors staged historic strikes, shutting down the entertainment industry to demand fair wages while studio executives earned tens of millions in bonuses (CNBC, 2023). Starbucks baristas organized hundreds of unions nationwide despite CEO Laxman Narasimhan’s aggressive union-busting tactics. These movements underscore the growing anger toward late-stage capitalism’s exploitation and the fight for dignity in the workplace.
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Sources Cited
- American Diabetes Association. (2023). Insulin price trends in the United States.
- BBC. (2023). Fast fashion’s hidden costs: Shein supply chain scrutiny.
- Bloomberg. (2023). Elon Musk’s net worth climbs amid Tesla layoffs.
- CNBC. (2023). Hollywood strikes and labor activism surge in 2023.
- Los Angeles Times. (2023). Homelessness rises by 10% in Los Angeles amid housing crisis.
- Oxfam International. (2023). Inequality report: Wealth disparity in 2023.
- Reuters. (2023). Canada wildfires worsen climate crisis driven by fossil fuels.
- TechCrunch. (2023). Apple criticized for planned obsolescence with new device policies.
- Variety. (2023). Disney acquisition of Hulu sparks antitrust concerns.
- Zillow. (2023). San Francisco rent prices climb to historic highs in 2023.
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Suggestions for Further Reading
- “Capitalism in the Twenty-First Century” by Thomas Piketty – A thorough examination of rising inequality.
- “The Shock Doctrine” by Naomi Klein – Explores how corporations profit from crises.
- “Winners Take All” by Anand Giridharadas – Critiques elite philanthropy as a mask for exploitation.
- “Evicted” by Matthew Desmond – Highlights housing injustice in America.
- “The Divide” by Jason Hickel – Investigates global inequality caused by capitalism.
- “No Is Not Enough” by Naomi Klein – Offers resistance strategies to late-stage capitalism.
- “The Big Short” by Michael Lewis – Chronicles the greed that caused the 2008 financial crisis.
- “On Fire: The (Burning) Case for a Green New Deal” by Naomi Klein – Argues for climate justice.
- “The Age of Surveillance Capitalism” by Shoshana Zuboff – Explores how corporations exploit personal data.
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