The system of finance, once supervised by bank regulatory agencies and the Securities and Exchange Commission, has been delegated to private realms of law.
Elites are pursuing something aptly described as a new form of feudalism, in which entire realms of public law, public property, due process, and citizen rights revert to unaccountable control by private business.
Western democracies are not simply embracing neoliberalism in the sense of deregulating the economy. Today, this centuries-long democratizing trend is rapidly being reversed.
The history of the modern democratic state can be understood as a story of shifting authority and lawmaking, first from private potentates to sovereign monarchs, and then to publicly accountable democracies.
