In many ways, it (capitalism) resembles classic medieval feudalism, displaying the same tendency to create endless hierarchies of lords, vassals, and retainers. In other ways-notably in its managerialist ethos-it is profoundly different. And the whole apparatus, rather than replacing old-fashioned industrial capitalism, is instead superimposed on top of it, blending together in a thousand points in a thousand different ways. Hardly surprising, then, that the situation seems so confusing that even those directly in the middle don't really know quite what to make of it.