advanced capitalism

advanced capitalism

(MARXISM) the hypothetical final stage in the development of CAPITALISM, which is characterized by concentration of ownership and by increased state intervention in the economy. The latter arises from the need to control the effects of increasing economic and social CONTRADICTIONS and increasing tendency to ECONOMIC CRISES. The stage is seen as culminating in a final crisis of capitalism and a transition to socialism. See also CAPITALISM AND CAPITALIST MODE OF PRODUCTION, IMPERIALISM.
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