“…feudalism was never abolished in absolute terms…”
Yeah! You better believe it! It is more prevalent now that it has ever been in history.
Now, 1% of the population have more power and riches than any king has ever had in the past. And so for the next 9% which constitute their court.
And the rest of us, their serfs and vassals, are still paying rent on the form of inflated prices of essential commodities, in which they mainly invest* their accumulated profits to make more profit, which they need to reinvest for more profit, thus the reason why I have to pay almost $3.00 for a loaf of bread that use to cost 20¢ when I was growing up…for example.
*They invest in businesses supplying essential goods because the demands for theese essential goods are INELASTIC..we have to buy them no matter the price.
All this because of Milton Friedman, who won a Nobel Price in the 70s for having asserted that the “only” true responsibility of companies is to make profits for their investors.
And Milton won this price because is thesis was welcomed by the rich, who make their livings almost exclusively with these types of useless investments only serving to pay outrageous salaries to CEOs, who have to inflate their prices for the only reason of paying back their investors.