State capitalism is the rage at the moment. Interestingly, it is doing particularly well in countries that used to be socialist. China and Russia come first to mind, but there are many others. Although Russia is officially a capitalist country now, it retains many of the old features. And although China is still supposed to be a socialist country, it is a capitalist country in all but name. Whither state capitalism, though? My guess is that it is heading toward a new form of feudalism. State feudalism, to coin a term. Hereditary rulers like those of North Korea, ostensibly a socialist country, provide a useful pointer. But China and Russia are countries to watch for emerging feudalist features. Hereditary wealth is already in place in China. Hereditary ownership of natural resources is likely to arise in Russia. Climate change will only speed these changes up. And it will usher the need to protect hereditary fiefs with armed forces. A strong state will still be needed to keep the fiefs together. The rest of this century will see momentous social changes, indeed.