I have long held that our economy is, stripped of propaganda, nothing but an updated version of feudalism, i.e. neofeudal: a vast class of precarious laborers (i.e. precariats--precarious proletariats) who own little to no wealth-producing capital ruled by a New Nobility/Oligarchy that owns the vast majority of wealth-producing capital and control of the political system.

I explained this structure in America's Nine Classes: The New Class Hierarchy (April 29, 2014), Neofeudalism 101: Strip-Mining the Upper Middle Class (April 8, 2015) and The Class War Has Already Started (November 14, 2015).

In the Marxist analysis, there are only three classes: those who must sell their labor to earn a livelihood, those who earn their livelihood from owning wealth-generating capital, and the dispossessed/ marginalized who are dependent on the state (bread and circuses) or who scrape out a living on the margins of the lawful economy.

In this view, there is no meaningful class difference between the well-paid liberal technocrat with the $1 million (mortgaged) house on the Left/Right Coast and the rural conservative "deplorable" wage earner. Both must sell their labor and neither earns a livelihood from wealth-generating capital.