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The neo-feudalism of corporations

From Russ on the Volatility blog:

Contrary to propaganda, there’s nothing modernistic about corporations. On the contrary, they’re a carryover phenomenon from feudalism.

This feudal vestige persisted through the early heyday of capitalism, soon becoming the preferred mode of organization to prevent the full textbook logic of capitalism from developing. The result was that the economy never evolved beyond a feudal-capitalist hybrid.

And once capitalism reached its terminal stage starting in the 1970s, where the combination of Peak Oil and the terminally declining profit rate threatened to attenuate forms of economic domination completely, the corporation became the basic unit of class war, and the anti-social, anti-political, anti-sovereign form around which full feudalism is intended to be restored. Continue reading

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