Late capitalism (or late-stage capitalism) is a concept in political economy, political science and sociology. It is used by social critics to describe the current or contemporary phase of capitalist civilization. The idea was first used by the German economist and sociologist Werner Sombart (1863-1941) to name the new social order which emerged in the aftermath of World War I. However, beyond some brief comments and outlines, Sombart never provided a systematic or comprehensive theory of late capitalism.

From the 1930s to the 1970s, the idea of "late capitalism" was used by European socialists as a label for a new form of state-regulated capitalism, with a meaning similar (but not identical) to the Marxist-Leninist theory of state monopoly capitalism. Gradually, terms like "neo-capitalism" and "late capitalism" were accepted by many Western Marxists and members of the Frankfurt School to describe the post-World War II social order. The Belgian economist and philosopher Ernest Mandel provided a comprehensive Marxist analysis in his 1972 book Late Capitalism and other writings, without however referring explicitly to Sombart's ideas. In Mandel's vision, late capitalism is the epoch of the bourgeois world society that unexpectedly arose out of World War 2, as a new phase in the global history of capitalist imperialism.

In the 21st century era of the global Internet, mobile telephones and artificial intelligence, the idea of "late capitalism" is again used in left-wing political discussions about the decadence, degeneration, absurdities and ironies of contemporary business culture, often with the suggestion that capitalism is now getting near the end of its existence (or is already being transformed into a post-capitalism of some sort).

The term late capitalism (German: Spätkapitalismus), sometimes also translated as late-stage capitalism, was first used in a 1925 publication by the German social scientist Werner Sombart (1863–1941) to describe the new capitalist order emerging out of World War I. Sombart claimed that it was the beginning of a new stage in the history of capitalism. His vision of the emergence, rise and decline of capitalism was influenced by Karl Marx and Friedrich Engels's interpretation of human history in terms of a sequence of different economic modes of production, each with a historically limited lifespan.

As a young man, Sombart was a socialist who associated with Marxist intellectuals and the German Social Democratic Party. Friedrich Engels praised Sombart's review of the first edition of Marx's Das Kapital Vol. 3 in 1894, and sent him a letter. As a mature academic who became well known for his own sociological writings, Sombart had a sympathetically critical attitude to the ideas of Karl Marx — seeking to criticize, modify and elaborate Marx's insights, while disavowing Marxist doctrinairism and dogmatism. This prompted a critique from Friedrich Pollock, a founder of the Frankfurt School at the Institute for Social Research. Sombart's clearly written texts and lectures helped to make "capitalism" a household word in Germany and beyond, as the name of a socioeconomic system with a specific structure and dynamic, a history, a mentality, a dominant morality and a culture.

The use of the term "late capitalism" to describe the nature of the modern epoch existed already for four decades in continental Europe, before it began to be used by academics and journalists in the English-speaking world — via English translations of German-language Critical Theory texts, and especially via Ernest Mandel's 1972 book Late Capitalism, published in English in 1975. Mandel's new theory of late capitalism was unrelated to Sombart's theory, and Sombart is not mentioned at all in Mandel's book.

For many Western Marxist scholars since that time, the historical epoch of late capitalism starts with the outbreak (or the end) of World War II (1939–1945), and includes the post–World War II economic expansion, the world recession of the 1970s and early 1980s, the era of neoliberalism and globalization, the 2008 financial crisis and the aftermath in a multipolar world society. Particularly in the 1970s and 1980s, many economic and political analyses of late capitalism were published. From the 1990s onward, the academic analyses focused more on the culture, sociology and psychology of late capitalism.

According to Google Books Ngram Viewer, the frequency of mentions per year of the term "late capitalism" in publications has steadily increased since the 1960s. Sociologist David Inglis states that "Various species of non-Marxist theorizing have borrowed or appropriated the general notion of historical 'lateness' from the original Marxist conception of 'late capitalism', and they have applied it to what they take to be the current form of 'modernity'." This leads to the idea of late modernity as a new phase in modern society. In recent years, there is also a revival of the concept of "late capitalism" in popular culture, but with a meaning that is different from previous generations. In 2017, an article in The Atlantic highlighted that the term "late capitalism" was again in vogue in America as an ironic term for modern business culture.