High-Tech Capitalism and Neo-Feudalism

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High-Tech Capitalism and Neo-Feudalism

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High-Tech Capitalism and Neo-Feudalism

//politics-government.news-articles.net/content/ .. 2/13/high-tech-capitalism-and-neo-feudalism.html

Published in Politics and Government on Thursday, February 13th 2025 at 2:20 GMT by CounterPunch
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

This oligarchy/plutocracy constitutes 0.1% of the American population. It owns 14% of the nation's wealth, $22 trillion in stocks, bonds and real estate, while 50% of Americans own 2.4% of the national wealth ($4 trillion).

The article "High-Tech Capitalism and Neo-Feudalism" by Michael Hudson discusses how modern capitalism, driven by high-tech industries, is morphing into a form of neo-feudalism. Hudson argues that today's economic landscape, characterized by monopolistic tech giants, financialization, and the privatization of public goods, mirrors the feudal systems of the past where wealth and power were concentrated in the hands of a few. He critiques the current economic system for creating a new class of rentiers who extract wealth through monopolies, intellectual property rights, and financial mechanisms rather than through productive labor or innovation. This shift, according to Hudson, leads to increasing inequality, where the majority are left to pay rents to these modern-day lords, essentially turning into serfs. He points out that this economic structure not only stifles competition and innovation but also undermines democracy by concentrating political power alongside economic power, thus creating a society where economic freedom is curtailed, and social mobility is severely limited.

Read the Full CounterPunch Article at:
[ https://www.counterpunch.org/2025/02/13/high-tech-capitalism-and-neo-feudalism/ ]