The New Feudalism: Globalization,the Market,and the Great Chain of Consumption*

Drawing on a substantive connection between liberalism and feudalism, I argue that in spite of a nominal commitment to democracy, the American political system is not substantively democratic. On the contrary, the increasing commitment to neoliberal ideology over the past 30 years is having the effect of establishing a private government, one that is strikingly similar to feudalism, where the few rule the many in the interests of the few and status arrives via consumption and market connections. Furthermore, the internationalization of the American politico-economic model, largely via transnational corporations, promises the extension of this New Feudalism throughout the world. Despite the claims that "liberal democracy" promises the end to history, in other words, the future of democracy looks particularly bleak.