[...] The moderns were interested in what was likely to come of such changes and their general tendency: they thought about the thing itself, substantively, in Utopian or essential fashion. Postmodernism is more formal in that sense, and more "distracted," as Benjamin might put it; it only clocks the variations themselves, and knows only too well that the contents are just more images. In modernism, as I will try to show later on, some residual zones of "nature" or "being" of the old, the older, the archaic, still subsist; culture can still do something to that nature and work at transforming that "referent." Postmodernism is what you have when the modernization process is complete and nature is gone for good. It is a more fully human world than the older one, but one in which "culture" has become a veritable "second nature." Indeed, what happened to culture may well be one of the more important clues for tracking the postmodern: an immense dilation of its sphere (the sphere of commodities), an immense and historically original acculturation of the Real, a quantum leap in what Benjamin still called the "aestheticization" of reality (he thought it meant fascism, but we know it's only fun: a prodigious exhilaration with the new order of things, a commodity rush, our "representations" of things tending to arouse an enthusiasm and a mood swing not necessarily inspired by the things themselves). So, in postmodern culture, "culture" has become a product in its own right; the market has become a substitute for itself and fully as much a commodity as any of the items it includes within itself: modernism was still minimally and tendentially the critique of the commodity and the effort to make it transcend itself. Postmodernism is the consumption of sheer commodification as a process. The "life-style" of the superstate therefore stands in relationship to Marx's "fetishism" of commodities as the most advanced monotheisms to primitive animisms or the most rudimentary idol worship; indeed, any sophisticated theory of the postmodern ought to bear something of the same relationship to Horkheimer and Adorno old "Culture Industry" concept as MTV or fractal ads bear to fifties television series.

Agency, however, raises the issue of the other unit of my title, "late capitalism," about which something further needs to be said. In particular, people have begun to notice that it functions as a sign of some kind and seems to carry a burden of intent and consequences not clear to the noninitiate. It is not my favorite slogan, and I try to vary it with the appropriate synonyms ("multinational capitalism," "spectacle or image society," "media capitalism," "the world system," even"Postmodernism" itself); but as the Right has also spotted what evidently seems to them a dangerous new concept and way of speaking (even though some of the economic diagnoses overlap their own, and a term like postindustrial society certainly has a family likeness), this particular terrain of ideological struggle, which unfortunately one rarely chooses oneself, seems a solid one and worth defending.

As far as I can see, the general use of the term late capitalism originated with the Frankfurt School; 7 it is everywhere in Adorno and Horkheimer, sometimes varied with their own synonyms (for example, "administered society"), which make it clear that a very different conception was involved, of a more Weberian type, which, derived essentially from Grossman and Pollock, stressed two essential features: (1) a tendential web of bureaucratic control (in its more nightmarish forms, a Foucault-like grid avant la lettre), and (2) the interpenetration of government and big business ("state capitalism") such that Nazism and the New Deal are related systems (and some form of socialism, benign or Stalinist, also seems on the agenda).

As widely used today, the term late capitalism has very different overtones from these. No one particularly notices the expansion of the state sector and bureaucratization any longer: it seems a simple, "natural" fact of life. What marks the development of the new concept over the older one (which was still roughly consistent with Lenin's notion of a "monopoly stage" of capitalism) is not merely an emphasis on the emergence of new forms of business organization (multinationals, transnationals) beyond the monopoly stage but, above all, the vision of a world capitalist system fundamentally distinct from the older imperialism, which was little more than a rivalry between the various colonial powers. The scholastic, I am tempted to say theological, debates on whether the various notions of "late capitalism" are really consistent with Marx ism itself (despite Marx's own repeated evocation, in the Grundrisse, of the "world market" as the ultimate horizon of capitalism) turn on this matter of internationalization and how it is to be described (and in particular whether the component of "dependency theory" or of Wallerstein's "world system" theory is a production model, based on social classes). In spite of these theoretical uncertainties, it seems fair to say that today we have some rough idea of this new system (called "late capitalism" in order to mark its continuity with what preceded it rather than the break, rupture, and mutation that concepts like "postindustrial society" wished to underscore). Besides the forms of transnational business mentioned above, its features include the new international division of labor, a vertiginous new dynamic in international banking and the stock exchanges (including the enormous Second and Third World debt), new forms of media interrelationship (very much including transportation systems such as containerization), computers and automation, the flight of production to advanced Third World areas, along with all the more familiar social consequences, including the crisis of traditional labor, the emergence of yuppies, and gentrification on a now-global scale.

"Late capitalism" still does some of that, but with a difference: its qualifier in particular rarely means anything so silly as the ultimate senescence, breakdown, and death of the system as such (a temporal vision that would rather seem to belong to modernism than Postmodernism). What "late" generally conveys is rather the sense that something has changed, that things are different, that we have gone through a transformation of the life world which is somehow decisive but incomparable with the older convulsions of modernization and industrialization, less perceptible and dramatic, somehow, but more permanent precisely because more thoroughgoing and all-pervasive.