Our Benevolent Feudalism

"Our Benevolent Feudalism" by William J. Ghent is a social and economic critique written in the early 20th century. The book explores the modern societal structure, likening it to a new form of feudalism where industrial magnates hold power over the working class. The author discusses the implications of this system on various social classes, such as farmers and wage-earners, emphasizing the struggles inherent in their subordination and dependence on the wealthy elite. At the start of the text, Ghent introduces the concept of societal transformation, referencing historical perspectives on social ideals and predictions for the future. He critiques various forecasts of societal evolution, highlighting a shift towards great industrial combinations that concentrate power and wealth among a few—essentially a new feudal order in which common laborers face increasing dependency on the magnates. The opening portion sets the stage for a thorough examination of how this neofeudalism affects various segments of society, including the limitations imposed on farmers and wage earners by industrial consolidation and economic regulations.