“Monopoly capitalism is an economic system where free competition gives way to control by a few large corporations, trusts, or cartels that dominate entire markets. This late-19th-century development shifted economic power from many small firms to giant enterprises. [1, 2, 3, 4]
“Core Features
- Market Dominance: A tiny number of large firms set prices and output levels instead of relying on open market competition.
- Capital Concentration: Wealth and resources centralize into fewer hands through mergers and heavy industrial-financial cooperation.
- State Involvement: Governments often step in to protect major industries or shape policies favoring large corporate interests.
- Global Expansion: Large firms push into international markets for resources and cheap labor, linking closely to imperialist economic policies. [1, 2, 3, 4, 5, 6]”
from AI Overview
For over 58 years I have been a politically conscious, progressive/leftist activist and organizer. Over all of this time there has NEVER been anything like this summer’s national mass media reporting and airing of opinions on the issues of capitalism, socialism and communism. The fact that this is happening bigtime in 2026 is a major development.
Why is the media doing this? From my observations I would say it is primarily because of the desperation of the Trumpfascists. Faced with plummeting poll numbers for Trump—the latest having him at about 33% popular approval and 60% or more disapproval—these MAGA’s have turned to redbaiting and ultra-negative attacks on not just Bernie Sanders, AOC, open DSA socialist candidates and others, but on all Democratic candidates as pro-socialist or communist, which is definitely not the case.
This anti-socialist/communist strategy has not stopped, and maybe even helped, the electoral victories in Democratic primaries throughout the country of people who are progressives and/or socialists. Those who are socialists (none claim to be communists) aren’t just unafraid of being labeled in these ways; they have won because they have explained in concrete terms, with personal backgrounds to back it up, what a government not dominated by billionaires would be all about: improving the lives of working people of all races, genders and nationalities and not allowing corporate PACs and the billionaire class to dictate US government policy anymore. The hardline MAGA Republicans are clearly afraid the billionaires and multi-multi-millionaire oligarchs will lose wealth and power as our up-from-the-grassroots movement keeps growing and getting stronger.
This is a positive development for sure.
But there’s a different kind of discussion on this overall subject that is NOT happening among progressives and leftists, as far as I can tell, that needs to happen, and the sooner the better. Here is how I have come to see it after lots of thinking on the subject over a number of years:
What is most immediately before us is not the replacement of “capitalism” with “socialism.” What IS before us is the disempowerment and downsizing of the oligarchy, the billionaire class, the corporate monopolists. THAT is the issue. We should not be against people, small-scale capitalists, who are owners of a farm or a small business where they must, to survive, make a profit to meet expenses and finance improvements, including decent wages for farm workers and small business workers. As long as those owners are treating their workers with respect, not fighting unionization efforts, they should be welcomed to our people’s movement.
In part the reason for this approach is because we want to keep winning and growing, and to do that we need a broadly-based movement of the kind that we are seeing in many states right now as far as progressive electoral victories. Turning off potential allies by rigid ideological positions or adventuristic tactics is a losing approach.
But it goes much deeper than this.
I can’t see the urgently-needed transition away from monopolistic and oligarchic capitalism leading directly into a socialist society, definitely not in the United States. What IS possible, imho, for some time to come, is more of a consciously mixed economy, one that would have aspects of capitalism and socialism, both economically and ideologically. The oligarchy under such a society, with a new government of, by and for the people, a genuinely democratic society, would be prohibited from using their wealth to buy politicians, as a popular government taxes and redistributes much of their obscene wealth for societal needs like universal health care, a rapid transition off fossil fuels to jobs-creating renewables and electric cars, a much more care-oriented economy, a $25/hour minimum wage and more.
Essential to all of this, necessary if these political and economic changes are to take place, is conscious support for what is already developing in the USA: a new culture, a new way of working with and relating to others which, more than anything else, is grounded in love and connection to the natural world.
I believe that we can win. We have to.
Ted Glick has been a progressive activist and organizer since 1968. He is the author of two books, Burglar for Peace and 21st Century Revolution, published in 2020 and 2021 and both available at https://pmpress.org . More info can be found at https://tedglick.com