Neo-Feudalism

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We now risk entering an era that might be best described as neo-feudalism. The children of the next generation will be divided into distinct classes, of those who own, and those who are effectively owned. One will inherit property, the other trans-generational mortgages. One will own companies and take profits, the other will work all available hours at “competitive” rates, to pay the interest on their debts, that they might lessen the burden on their children.

We may even reach the stage where the indebted effectively sign themselves over to their creditors, where the monetary chain is bypassed and work is done directly for creditors in exchange for continued subsistence. This is not an impossible conclusion to the road we have set ourselves upon.

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  • Ivor

    You forget the ultimate privilege of the owning classes: they can lay people off if it’s advantageous to do so. Even subsistence level represents a ‘cost’ to the owners. If they can cut them, they will. Remember the Enclosures Act…

  • http://www.danladds.com Dan Ladds

    Oh, absolutely – hence the unnatural way that as the efficiency of labour is increased, less workmen are provided for, despite increased surplus for the owner.u00a0 Ultimately it is in the best interests of the owner to lay off those who are unnecessary, foster high unemployment with no welfare: the excess poor die off and the threat of that leaves those that remain powerless to take a stand.nnThat said however, I would also not underestimate the skill of the capitalist in finding productive uses for workers who are available at minimum cost.u00a0 There are many things a person can be set to that will produce surplus value above their cost.u00a0