[Marxism] Fwd: Financial Oligarchy vs. Feudal Aristocracy

Louis Proyect lnp3 at panix.com
Fri Feb 12 10:50:55 MST 2016

Under the feudal mode of production, peasants were often allowed to 
cultivate plots of land for themselves on a rental basis. However, those 
tenant farmers rarely succeeded in becoming landowners in their own 
rights because a major share of what they harvested was taken away by 
landlords as rent, often leaving them with a bare subsistence amount of 
what they produced. When the harvest was poor, they incurred debt. If 
peasants were unable to pay off their debts, they could find themselves 
reduced to the condition of serfs or slaves.

Today, under conditions of market dominance by parasitic finance 
capital, a similar relationship can be detected between the powerful 
financial oligarchs (as feudal lords of our time), on the one hand, and 
the public at large (as peasant population of today), on the other. In 
the same manner as the landed aristocracy of times past extracted rent 
by virtue of monopolistic ownership of land, so today the financial 
oligarchy extracts interest and other financial charges by virtue of 
having concentrated the major bulk of national resources in their hands 
in the form of finance capital.


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