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A phase of neoliberalism where its core tenets—deregulation, privatization, austerity, free trade—have been so fully implemented that they now generate obvious crises ([financial] crashes, pandemics, [climate change]) without offering any internal [resources] for response. Late‑stage neoliberalism continues to dismantle public goods while privatizing profits and socializing losses. Its ideology becomes increasingly strident and divorced from reality, blaming the poor for poverty and the sick for illness. It is neoliberalism in decay: unable to renew itself, yet still powerful enough to block alternatives.
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