Capitalism Is Changing, but Not Into “Neofeudalism”
Some left writers have argued that contemporary capitalism is mutating into a form of “neofeudalism” as tech barons run amok. But what we’re actually witnessing is an important shift within rather than a transition from capitalism.
Mark Zuckerberg, Lauren Sanchez, Jeff Bezos, Sundar Pichai, and Elon Musk during Donald Trump’s inauguration in Washington, DC, on January 20, 2025. (Julia Demaree Nikhinson / AP Photo / Bloomberg via Getty Images)
The tech barons strategically placed around Donald Trump at his inauguration on January 20 this year were a who’s who of the oligarchic class. From Jeff Bezos to Mark Zuckerberg and everyone in between, the leaders of the US tech industry came to pay homage to their new ruler.
Court intrigue was palpable. Journalists speculated about the choreography of the ceremony, examining how the placement of the barons offered insight into their status and favor to shape the new regime. The pyramid structure of American society had never appeared so stark.
Trump’s inauguration was surely the most vivid manifestation of the growing political centrality of billionaire tech leaders. The last few years have seen commentators reach for ideas of “technofeudalism” or “neofeudalism” to explain what has been going on. However, those concepts ultimately bring more confusion than clarity to the debate about where capitalism is headed.
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