"What is called “capitalism” is best understood as a series of stages. Industrial Capitalism has given way to Finance Capitalism, which in turn has passed through Pension-Fund Capitalism since the 1950s, and a U.S.-centered Monetary Imperialism since 1971 when fiat dollar creation (mainly to finance U.S. global military spending) became the world’s monetary base. Fiat dollar credit made possible the Bubble Economy after 1980, and its sub-stage of Casino Capitalism. These were economically radioactive decay stages that resolved into Debt Deflation after 2008 and now are settling into a leaden Debt Peonage and the austerity of Neo-Serfdom."
A reminder that todays capitalism has lost its mission:
Hudson: The Neo-Rentier Economy: