What is neoliberalism transforming into? This year’s Socialist Register identifies gaps in Marxist state theory by examining the ongoing, differentiated development of capitalism, from counter-revolutions in public finance and central banking, to changing economic policies under globalizing forms of contemporary fascism and trade in the midst of Trumpism. Puzzling through the rubble left behind, Late-Stage Capitalism? Accumulation in the Ruins, some see a new ‘post-industrialism’ in which the provisioning of non-standardized services replaces commodity production; others foresee increasingly authoritarian states fusing with far-right movements. It is important to identify contending themes in this ‘late-stage capitalism’. In what ways does the return of Donald Trump to the American presidency represent this new phase of capitalism? Is the capitalist class to be barricaded off from the anger of the working classes and the storms of climate change? And where is the left scratching out new political spaces amidst the economic ruins?