How America Went From Mom-and-Pop Capitalism to Techno-Feudalism

The crisis of 2020 has created the greatest wealth gap in history. The middle class, capitalism and democracy are all under threat. What went wrong and what can be done?

In a matter of decades, the United States has gone from a largely benign form of capitalism to a neo-feudal form that has created an ever-widening gap in wealth and power. In his 2013 bestseller Capital in the 21st Century, French economist Thomas Piketty declared that “the level of inequality in the US is probably higher than in any other society at any time in the past anywhere in the world.” In a 2014 podcast about the book, Bill Moyers commented:

Here’s one of its extraordinary insights: We are now really all headed into a future dominated by inherited wealth, as capital is concentrated in fewer and fewer hands, giving the very rich ever greater power over politics, government and society. Patrimonial capitalism is the name for it, and it has potentially terrifying consequences for democracy. 

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Michael Hudson on It’s Our Money with Ellen Brown

Michael Hudson

Is the financial deprivation of entire nations engendering a new level of frustration and political unrest? Are the unlikely top-ranked US presidential candidates a sign that the Europeans aren’t the only ones who want to “throw the bums out?”  These emerging political themes are the subject of It’s Our Money, as Ellen engages renowned author, advisor and economics professor Michael Hudson, just back from his consultations with Greece’s Syriza party. Archived here.