Alright, maybe I shouldn't have used the term "feudalism", although this is one that most people understand. The correct term is an "extractive institution".

Not really. All that happened is that security got unbundled from the Landlord to the State in exchange for some protections against the (notorious) caprice and malice of some Landlords.

But the fundamental economic arrangement largely remains intact. The landed class extracts infinity wealth from production upon "their" land in perpetuity by virtue of a piece of paper that says they can use physical force upon anyone who dares to be productive on it without paying the required tribute.