Our society has a legal structure of self-rule and ownership of capital, but in reality it is a Neofeudal Oligarchy.
The Inheritance of Rome: Illuminating the Dark Ages 400-1000 is not an easy, breezy read; its length and detail are daunting. The effort is well worth it, as the book helps us understand how structures of societies change over time in ways that may invisible to those living through the changes. The Inheritance of Rome focuses on the lasting influence of social and political structures even as centralized and trade routes dissolved.
This legacy of centralized power and loyalty to a central 324 years after the end of the Western Roman Empire circa 476 A.D. in Charlemagne, who united much of western Europe as the head Holy Roman Empire. (Recall that the Eastern Roman (Byzantine) Empire endured another 1,000 years until 1453 A.D.) But thereafter, the social and political strands tying and fiefdoms to a central authority frayed and were replaced feudalism in which peasants were largely stripped right to own land and became the chattel of independent nobles.
In this disintegrative phase, the central authority invested in the monarchy of kings and queens was weak to non-existent. In the long sweep of history, it took several hundred years beyond 1000 A.D. for central authority to re-assert itself in the form of monarchy, and several hundred additional years for the rights of commoners to be established. Indeed, it can be argued that it was not until the 1600s and 1700s–and only in the northern European strongholds of commoners’ rights, The Netherlands and England–that the rights of ownership and political influence enjoyed by commoners in the Roman Empire were matched.
even be argued that the rights of Roman citizenship granted resident of the late Empire were only matched in the 19th and 20th centuries. The rights of commoners were slowly chipped away by civil transferred to the feudal nobility. As the book explains, included limited self-rule within village councils and land. These rights were extinguished by feudalism.
The connections between these civil society/legal freedoms (of self-rule and ownership of land/capital), the Protestant Reformation and the birth of modern Capitalism are explained by historian Fernand Braudel’s masterful 3-volume history Civilization and Capitalism, 15th-18th Century, a series I have long recommended: The Structures of Everyday Life (Volume 1) The Wheels of Commerce (Volume 2) The Perspective of the World (Volume 3).
The self-reinforcing dynamics of religious, civil and economic freedoms are key to understanding the transition from feudalism/monarchy to the world systems of today, in which some form of self-rule or political influence and economic freedom are expected of every civil authority.
Let’s fast-forward to today and ask what relevance these histories have in the present era.There are two points worth discussing. One is the acceleration of change; what took 300 years now takes 30, or perhaps less. The second is the slow erosion of commoners’ self-rule and ownership of meaningful, productive capital.This gradual, almost imperceptible erosion is what I call neofeudalism, a process of transferring political and economic power from commoners to a new Financial Aristocracy/Nobility.
If we examine the “wealth” of the middle class/working class (however you define them, the defining characteristic of both is the reliance on labor for income, as opposed to living off the income earned by capital), we find the primary capital asset is the family home, which as I have explained many times, is unproductive–in essence, a form of consumption rather than a source of income. Ultimately, all pensions, public and private, are controlled by , even though “ownership” is nominally held by commoners. (Ask Venezuelans what their pensions are worth once central authorities debauch the nation’s currency.) In a globalized, financialized economy, the only capital worth owning capital, capital that can be shifted by a keystroke to or earn return. Housing and pensions are “stranded capital,” forms of capital that mobile unless they are liquidated before crises or . I am also struck by the ever-rising barriers to starting or small businesses, a core form of capital, as income and (potentially) capital gains. The capital and managerial expertise required to launch and grow a is extraordinarily high, which is at least partly why a nation of self-employed farmers, shopkeepers, artisans traders a nation of employees of government and large corporations.
What sort of capital can be acquired by the average commoner now? match the wealth and political power of financial Nobility? This source of our fascination with tech millionaires and billionaires: a few commoners have leveraged technology to join the Nobility.
political influence: a recent study found that voters had power in the U.S., which is effectively an oligarchy Theories of American Politics: Elites, Interest Groups, and Average Citizens. Summary: “The U.S. government does not represent the interests of the majority of the country’s citizens, but is instead ruled by those of the rich and powerful, a new study from Princeton and Northwestern universities has concluded.
“Neofeudalism is not a re-run of feudalism. It’s a new and improved, state-corporate version of indentured servitude. of devolving from central political power to feudalism erosion of peasants’ rights to own productive assets, which economy meant ownership of land. Ownership of land was replaced with various obligations to the lord or monastery– free labor for time periods ranging from a few days to months; a share of one’s grain harvest, and so on. The other key dynamic of feudalism was the removal of the peasantry public sphere. In the pre-feudal era (for example, the reign of Charlemagne), peasants could still attend public councils and make heard, and there was a rough system of justice in which petition authorities for redress. From the capitalist perspective, feudalism restricted serfs’ access markets where they could sell their labor or harvests.
The key feature of capitalism isn’t just markets– it’s unrestricted ownership of productive assets–land, tools, workshops, and the social capital of skills, networks, trading associations, guilds, etc. Our system is Neofeudal because the non-elites have no real voice in sphere, and ownership of productive capital is by the state-corporate duopoly. Our society has a legal structure of self-rule and ownership of capital, but in it is a Neofeudal Oligarchy.
I discuss these dynamics in greater depth in my three compact books:
Pathfinding our Destiny: Preventing the Final Fall of Our Democratic Republic ($6.95 ebook, $12 print, $13.08 audiobook): Read the first section for free in PDF format.
My new mystery The Adventures of the Consulting Philosopher: The Disappearance of Drake is a ridiculously affordable $1.29 (Kindle) or $8.95 (print); read the first chapters for free (PDF)My book Money and Work Unchained is now $6.95 for the Kindle ebook and $15 for the print edition.Read the first section for free in PDF format.
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