"Late-stage Capitalism," A Rebuttal

I've heard this phrase used by people arguing about market economics, especially people I'd call concern trolls. This term seems to be used to explain bad behavior by firms, but as I'll explain here, practically every element of what makes the phenomenon people call "late-stage capitalism" is based on some kind of error in reasoning.

Slight correction: I talk about the evenly rotating economy (ERE) and profits. Conventionally, it is said that there are no profits nor losses in the ERE, but I was a little sloppy and used a definition where some part of wages is called profits. In my example, the shoemaker produces shoes and sells the shoes for more than the factors of production to make exactly enough money to cover his consumption. Technically, this extra money needed to cover his consumption is the wage he pays himself and thus is not technically profit. See discussions about the ERE in Human Action and Man, Economy, and State.

A nice article about a similar topic:
https://mises.org/library/myth-nazi-capitalism

Human Action, by Ludwig von Mises:
https://mises.org/library/human-action-0

Man, Economy, and State, by Murray Rothbard:
https://mises.org/library/man-economy-and-state-power-and-market