He's arguing that capitalist systems morph over time into feudalistic systems and the argument is pretty persuasive but there's an issue: capitalism initially emerged out of feudalism. The text's theory of history requires a hidden variable that controls the feudalism->capitalism->feudalism process, but no candidate for a hidden variable is suggested by the author. Sure, any reader can think up some candidates for th…
England moved to a landlord-rent model for their agrarian society, whereas France moved to a tax on production model for their agrarian society. The distinction there is subtle, but the English model encourages improvidence to ensure you can make the rent, and that improvidence leads to increased output, pressure on workers to move to cities and away from their familial land. The French model didn't put as much pressure on maximizing productivity, and their post feudal agrarian society was perhaps a little slower to take off economically, but wasn't burdened with quite the same social upheaval that capitalism led to in England.
It's a very interesting history, and I do wish we'd been able to see more post-feudal societies develop. I think there's a number of different economic models out there that would be functional. They might not be as economically strong, but they might have different strengths w.r.t. population health, happiness, or sustainability.