Late-stage capitalism is enabled by the 4+ decades of the very wealthy taking all the gains from increased efficiency, which gives them the power to turn it into a feedback loop.

Our current situation is not an inevitable and natural outgrowth of the improved productivity of the late 20th century: it is specifically caused by policy changes (starting) under Reagan that allowed for more consolidation, less care for the common good, and more focus on personal self-aggrandizement.