Meaning of ADVANCED CAPITALISM:
In Marxist theory the final stage of the evolution of capitalism is characterised by concentration of ownership and increasing intervention in the economy by the state as it tries to manage increasingly common and virulent economic crises. This phase supposedly culminates in the final crisis and the transition to socialism. Contrary to Marxist expectations, of course, capitalism has shown itself remarkably robust and thus remains in its advanced stage. Late capitalism is not itself static and sociologists continue to disagree over how best to characterise present-day capitalist society.