What will the next stage of capitalism look like? Two possibilities from Cedric Durand responding to Brett Christophers

From Landscapes of Capital, 86-87:

The first is that rentierism will be displaced by a new form of capitalism which is more competitive and state-directed—capable of dynamizing the accumulation of productive capital and realigning financial claims to allow for their effective valorization. Under the whip of external competition, notably the rise of China, Western powers may adopt a more aggressive industrial policy in an attempt to maintain their positions in the world system. They will face numerous hurdles, however: the waning of state capacities to discipline the private sector, the tremendous challenge of managing the devalorization of over-accumulated capital—with all its economic, sociopolitical and geopolitical ramifications—and the dramatic acceleration of the ecological crisis.

The second possibility is that rentier and monopoly interests will continue to preside over an increasingly unequal, authoritarian and stagnant society, whose political structures will slowly mutate into some institutionalized oligarchic form. Over-accumulated fictious capital will remain congealed and uninvested. Commodification will no longer be the vector that allows profits to grow out of abstract labour. Instead, a small stratum of super-rich individuals will harness new technologies to secure their rents and reproduce their lavish lifestyles in an ever more degraded and militarized world. As we prepare to defend ourselves against these prospects, Christophers’s dynamic quartet is a vital starting point