However, the rich still give up a lot of power under capitalism, mostly giving up the ability to use violence outside of the state mechanisms. If effective regulations get put in place that hurt their power, it usually isn’t worth resisting. They have a social contract with a monster not even they can fight directly. Instead, they buy politicians and weaken the state’s ability to regulate. Over time, they both extract all the wealth from workers and make the state incapable of restraining or resisting them. Late stage capitalism.

However, the driving force behind feudalism falling off was the rise of states who throughly monopolized violence. Empires had risen and fallen, with lords varying conversely in strength throughout history. Industrialization coincided with a rise in that state domination, with power centralizing more so than ever before. Strong central governments and world shrinking technology allowed capitalist states to become the most powerful empires.

Even when anticapitalist empires emerged, capitalism remained in the form of social and political capital. The exact same power dynamics played out in those cases through informal systems where single players dominate the entire system. Cults of personality equal to kings effectively become the real state, the real empire. The dictators often hold power for a single generation, splitting the bureaucracy into multiple competing factions, risking state fragmentation as they try to build a throne.

Fascist strongmen rise to power in late stage capitalism due to the weakening of the state as an institution and the instability caused by competition. Unethical behavior compounds upon itself in an unregulated market, creating discontent in the workers who seek radical change. They’re prime targets for fascist movements, allowing a strong leader to dismantle and become the empire.

This is where the state dies and capitalism actually might end. The leaders and their supporters crave power and domination, driving them into conflicts with each other. In the past, total wars of conquest between empires were possible to win, but now they aren’t. No one really wants WWIII, but even institutions know backing down from an empire means defeat. They refuse to appease, endangering the entire human population through famine and unsurvivable explosions. The entire global capitalist system might break, leaving smaller agents to fight each other and rebuild it all once more.