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In 1980, the great English historian and Marxist theorist E. P. Thompson wrote the pathbreaking essay "Notes on Exterminism, the Last Stage of Civilization." Although the world has undergone a number of significant changes since, Thompson's essay remains a useful starting point in approaching the central contradictions of our times, characterized by the planetary ecological crisis, COVID-19 pandemic, New Cold War, and current "empire of chaos"—all arising from features deeply embedded in the contemporary capitalist political economy.

The rapid financialization of nature is promoting a Great Expropriation of the global commons and the dispossession of humanity on an unprecedented scale.

From September to November 2021, overlapping with the 2021 UN Climate Change Conference negotiations in Glasgow, three major interrelated developments occurred in global finance. Taken together, these changes mark a turning point in the financial expropriation of the earth and the culmination of a theoretical shift in the dominant economic paradigm aimed at the unlimited accumulation of total capital, which is now seen as including "natural capital."

The imperialist world system, crowned by U.S. hegemony, is now threatened by China's seemingly inexorable rise and pursuit of its own distinctive sovereign project. In this respect, the Trump administration's prosecution of a New Cold War on China was no anomaly, but rather the inevitable U.S. response to China's rise and the end of Washington's unipolar moment. The Biden administration has made it clear that it not only intends to continue the New Cold War, but to accelerate it.

The Ecological Revolution was first published a little more than ten years ago in April 2009, at a time when climate change had already been recognized as a pressing global issue for over two decades, but when there was still hardly any realistic discussion of its connection to capitalism or of the immense ecological and social revolution that would be required to overcome the Earth System crisis. Let us look back to understand the historical gulf separating that time from our own.

Today, two hundred years after his birth, Frederick Engels can be seen as one of the foundational ecological thinkers of modern times. Engels's contributions to our understanding of the overall ecological problem remain indispensable, rooted in his own deep inquiries into nature's universal metabolism. It is because of the very comprehensiveness of his approach to the dialectic of nature and society that Engels's work can help clarify the momentous challenges facing humanity in the Anthropocene epoch and the current age of planetary ecological crisis.

In the twenty-first century, all signs are pointing to another period of hegemonic struggle over the world economy, this time between the United States and China, although complicated in this case by the unique, indeterminate aspects of the post-revolutionary Chinese social formation, which is neither entirely capitalist nor entirely socialist.

Any serious treatment of the renewal of socialism today must begin with capitalism's creative destruction of the bases of all social existence. Since the late 1980s, the world has been engulfed in an epoch of catastrophe capitalism, manifested today in the convergence of (1) the planetary ecological crisis, (2) the global epidemiological crisis, and (3) the unending world economic crisis. Added to this are the main features of today's "empire of chaos," including the extreme system of imperialist exploitation unleashed by global commodity chains; the demise of the relatively stable liberal-democratic state with the rise of neoliberalism and neofascism; and the emergence of a new age of global hegemonic instability accompanied by increased dangers of unlimited war.

We are seeing today what appear to be the beginnings of an ecological revolution, a new historical moment unlike any humanity has experienced. Not only is the planet burning, but a revolutionary climate movement is rising up and is now on fire in response.

The globalization of production (and finance)—which emerged along with neoliberalism out of the economic stagnation of the mid–1970s and then accelerated with the demise of Soviet-type societies and China's reintegration into the capitalist world system—has generated a more generalized monopoly capitalism, ushering in what can be called late imperialism. Late imperialism refers to the present period of monopoly-finance capital and stagnation, declining U.S. hegemony and rising world conflict, accompanied by growing threats to the ecological bases of civilization and life itself. It stands at its core for the extreme, hierarchical relations governing the capitalist world economy in the twenty-first century, which is increasingly dominated by mega-multinational corporations and a handful of states at the center of the world system. Just as it is now common to refer to late capitalism in recognition of the end times brought on by simultaneous economic and ecological dislocations, so it is necessary today to speak of late imperialism, reflecting the global dimensions and contradictions of that system, cutting across all other divisions, and posing a "global rift" in human historical development: an epochal crisis posing the question of "ruin or revolution."

Less than two decades into the twenty-first century, it is evident that capitalism has failed as a social system. The world is mired in economic stagnation, financialization, and the most extreme inequality in human history, accompanied by mass unemployment and underemployment, precariousness, poverty, hunger, wasted output and lives, and what at this point can only be called a planetary ecological "death spiral." Many of the symptoms of the failure of capitalism are well-known. Nevertheless, they are often attributed not to capitalism as a system, but simply to neoliberalism, viewed as a particular paradigm of capitalist development that can be replaced by another, better one. A critical-historical analysis of neoliberalism is therefore crucial both to grounding our understanding of capitalism today and uncovering the reason why all alternatives to neoliberalism and its capitalist absolutism are closed within the system itself.

The dangers posed by climate change have inspired a desperate search for technological fixes in the form of geoengineering—massive human interventions to manipulate the entire climate or planet. But as long as the dominant strategy for addressing global warming remains subordinated to the ends of capital accumulation, any attempt to implement such schemes will prove fatal to humanity.

In recent years ecological critiques of capitalism have deepened and multiplied, resulting in new debates over the conception, scope, and purpose of Marx's value theory and its relation to the natural world.

Against attempts to characterize Marx as a dogmatic and deterministic thinker, it is precisely the open-endedness of his criticism that accounts for historical materialism's staying power. This openness has allowed Marxism to continually reinvent itself, expanding its empirical and theoretical content and embracing ever larger aspects of historical reality.Click here to purchase a PDF version of this article at the Monthly Review website.