The heart of modern capitalism is the the exploitation of workers. But according to all of the great theorists of capitalism, capitalism will actually prevent the exploitation of labor. So maybe all those thinkers are just wrong. But maybe what we call "capitalism" is just an updated form of feudal serfdom in which CEOs and middle managers have replaced monarchs and aristocrats. But if we are living not in capitalism but what David Graeber called "managerial feudalism," just what would capitalism look like? I do my best to answer that question.