By Joshua D. Glawson

Today's economic challenges—from record-high national debt to inflation and market instability—are frequently blamed upon "late-stage capitalism." But is this truly a failure of capitalism? Or are we seeing the effects of another economic model entirely? 

Many of these struggles can, in fact, be understood as symptoms of "late-stage Keynesianism" – a system reliant upon government intervention, fiat currency, and the concept that artificial spending can drive prosperity. In putting the stages of capitalism as outlined by Karl Marx into perspective, these issues will clearly be products of Keynesian policy and not true free-market capitalism. 

The Stages of Capitalism According to Marx