Which is what the European Socialists have been calling "Late Capitalism" since I think the 60's about the period from the 30's onwards.

The problem is it's not easy to have an actual debate on this since to some folks questioning whether capitalism or this form of capitalism is serving societies needs rapidly gets you lumped in with the "communists".

At some point though it becomes impossible to hide that the Emperor does in fact have all the clothes and everyone else is naked by comparison.