Episode notes
9 Feb 2026
Feudalism, characterised by control of productive assets, never truly disappeared. While land ownership lost dominance during industrialisation, ownership shifted to capital, corporations, and financial instruments. By the late 20th century, access to essential resources like housing and healthcare became increasingly dependent on ongoing payments, creating a system of conditional access reminiscent of feudalism.
The modern economy, likened to “Feudalism 2.0,” rewards ownership of appreciating assets over labour, creating a system of dependence. Debt bridges the gap between stagnant wages and rising asset prices, locking future labour into past obligations. This system incentivises compliance and protects asset owners, leaving many feeling productive yet precarious, employed but exposed.