It's 'late' as in a stage that comes after the earlier stages. A collapse isn't guaranteed nor inevitable. There could just be a continual freezing out of competition until all that's left are entrenched classes of 'capital owners / rent extractors' living large, and everyone else struggling to get by. With modern computer-aided surveillance and monitoring and compliance capabilities, the capital owners could maintain the system pretty effectively. No collapse, just a a slow slide into well managed misery.