So, I wouldn't consider this late stage capitalism. I would consider it late stage republic. The government eventually attacks large commercial interests, as a result those large commercial interests purchase politicians. Any large commercial interest who refuses to bribe politicians will get attacked, so all of the large players do so. They then get entrenched, get bigger, get more powerful. Eventually, the line between government and corporation disappears. I do not believe that there is a way around this situation in any majoritarian government. In the USA, by the time McKinley was running for office, there'd already been two campaign finance reforms. It would seem that purchasing power is what always does and always will happen in majoritarianism. If you do not have regulatory capture, a monopoly should be impossible because any large amount of money being made is a signal that more resources are needed in a given market segment. If, otoh, you have a large interest purchasing politicians they can now erect barriers to entry preventing effective competition. Once those barriers are in place, people begin to accept them as necessary, right, proper, and true. Only once things begin to fall apart do people even begin to recognize how absurd it is that a license is required for a child's lemonade stand.
Unfortunately, Utopia is impossible. All systems suck because all people are flawed. Socialism, capitalism, communism, fascism, monarchism; they're all bad. Additionally, they all really boil down to being either monarchy or oligarchy and every other term is just window dressing. You either vest power into a single person or a small elite group, and then people try to use magical words on pieces of paper to control those individuals. It works for a short time, and then it all starts to fall apart. Eventually, the ruling class realizes that the words on paper are just words and not magic, mos maiorum is lost and society starts to unravel. Modern governments have been better in the sense that it has taken a few hundred years for them all to become dangerous to their constituencies, but it is happening none the less.
Unfortunately, Utopia is impossible. All systems suck because all people are flawed. Socialism, capitalism, communism, fascism, monarchism; they're all bad. Additionally, they all really boil down to being either monarchy or oligarchy and every other term is just window dressing. You either vest power into a single person or a small elite group, and then people try to use magical words on pieces of paper to control those individuals. It works for a short time, and then it all starts to fall apart. Eventually, the ruling class realizes that the words on paper are just words and not magic, mos maiorum is lost and society starts to unravel. Modern governments have been better in the sense that it has taken a few hundred years for them all to become dangerous to their constituencies, but it is happening none the less.