Better late than modern? Between ‘late capitalism’ and ‘late modernity’

Two different ways of naming and narrating historical periods, including the present time, involve using the terms ‘capitalism’ and ‘modernity’. Each terminological set opens certain intellectual vistas, while foreclosing others. This article argues that while ‘late capitalism’ is, despite its many problems, a meaningful concept to use today, ‘late modernity’ is not. Offering a genealogy of each term, the article considers how ascriptions of lateness to modernity result in some absurdity, while ascribing lateness to capitalism does not involve such marked risks. Nonetheless, more comprehensive and all-encompassing definitions of capitalism may be incompatible with ascriptions of lateness to capitalism. These various issues are considered in light of the need to name the current world-condition in a period of accelerating environmental crisis.