The net result of hyper-globalization and hyper-financialization is the crumbling of the middle class.
Neofeudal societies and economies lack a vibrant middle class. This is the defining feature of feudalism and its updated V2.0, neofeudalism: a nobility (based on birth or finance, it doesn’t matter) controls the vast majority of wealth, political power and productive capital, all served by a powerless peasantry.
The modern versions of capitalism emerged when a European middle class arose and became powerful enough economically and politically to dismantle feudalism. The fundamentals of the middle class are:
1. A mindset / set of values embracing (as highlighted by writer Peter Frost) “thrift, prudence, negotiation, and hard work.”
2. Access to markets and credit so enterprises could be established and expanded.
3. Sufficient education to navigate regulations and the requirements of enterprise.
4. The free flow of labor, capital, goods and services.