Forged in war

I confess to having been a bit bugged by the freely used phrase ‘late capitalism’ which suggests something on the wane. Of course we know that capitalism is the creed which promises to eat up the human race in the simple act of environmental destruction, but when people use the phrase ‘late capitalism’ it’s not always clear what is meant, as if it’s so obvious we should grasp the concept without further explanation. For greater understanding I (as ever) deferred to Chat GTP for a definition, which is this:
 
‘The term “late capitalism” was first used by German economist and sociologist Werner Sombart to describe the social and economic conditions emerging after World War I, though he did not develop a systematic theory of it. Later, Belgian Marxist economist Ernest Mandel provided a comprehensive analysis in the 1970s, describing late capitalism as the post-World War II era marked by the rise of multinational corporations, global capital circulation, and accelerated production and exchange. Mandel emphasized that this phase did not change the essence of capitalism but represented a new epoch of expansion and complexity.’
 
In other words ‘late’ capitalism morphed into ‘new’ capitalism and thus renders the term ‘late capitalism’ redundant. I hope people stop using the phrase. Outside perhaps of academic circles it raises false hopes.