Provocation 214 Capitalism, feudalism and democracy.

Capitalism is a way of assigning to one group of people (owners and managers of capital) the power of decision making for society. It is a structure running in parallel to the political regime.

In practice capitalism has evolved through corporations to create feudal estates that are hierarchical, status institutions that in fact make the major decisions, either through internal choices or through the use of capital to manage the political process to get the regulatory environment they want.

So at the best we have a democratic society of enlightened citizens amongst whom dwell corporations which are feudal structures that actually control society.

Why does economics not make a big deal of this? Instead, economics  seem mostly to help it along, providing the accounting  to manage society for the benefit of capital (which started as the surplus of cattle breeding in ancient cultures and empires.)