Late Capitalism

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In his work Late Capitalism Ernest Mandel argues for three periods in the development of capitalism. First is market capitalism, which occurred from 1700 to 1850 and is characterized largely by the growth of industrial capital in domestic markets. Second is monopoly capitalism, which lasted until approximately 1960, and is characterized by the imperialistic development of international markets as well as the exploitation of colonial territories. Third, is late capitalism, which displays such features as the multinational corporation, globalized markets and labor, mass consumption, and the space of liquid multinational flows of capital.