It was coined by Werner Sombart, a controversial German historical economist, almost a century ago in his three-volume magnum opus Der Moderne Kapitalismus (published from 1902 through 1927).I don't think this conception is useful. Capitalism doesn't exist in the West, and hasn't for some time. Managerial liberalism does, however, and it has progressed to the same final stage converged upon by distinct ideologies in the U.S.S.R. some decades ago and Rome some centuries before that: Late Stage Bureaucracy (LSB).
Sombart's main contribution was to define three periods of the capitalist economic system: early or proto capitalism, advanced capitalism and late capitalism. In Sombart's analysis, late capitalism referred specifically to economic, political and social deprivations associated with the aftermath of the first world war.
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Comment: Democrats have persistently and manically persecuted Trump as a distraction to cover their tracks. On course to repeat, the stakes are higher and more critical than ever.