William Mitchell — New feudalism seems to forget about the capitalists

Bill on feudalism and capitalism. 

Capitalism and feudalism are essentially different in that land is the dominant factor in feudalism and land rent is the chief means of expropriation. Under capitalism, capital and expropriation of surplus value through industrial (technological) production along with financial rents are the dominant factors, although land and land rent are also still key in generating passive income resulting from ownership (title). That is to say, capitalism and feudalism are based on different institutional arrangements but capitalism has incorporated and modified some of the institutional arrangements of feudalism.

The question that Bill raises is about whether it is valid to view capitalism as a sort of "neofeudalism." He introduces some important issues.

William Mitchell — Modern Monetary Theory
New feudalism seems to forget about the capitalists
Bill Mitchell |rofessor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia P