Feudals in my country own vast tracts of rural agrarian land locked in exactly the above scenario. Serfs, literally, live at subsistence level. In this day and age!
And these ignorant feudals who think they are ‘nobles’ are very powerful in politics. They are ministers and MNAs and MPAs with their own gangs of ‘law enforcers.’ People are starving. Elites don’t give a damn. It’s like a world with levels like Tolkien works.
Naturally, we are devolving. It’s a tragic drama nearing it’s last act. We are looking at anarchy. It won’t end well.