I realize I should have used “re-proletarianization” instead.

Marx defined the proletariat class as uniquely revolutionary because unlike slaves in antiquity whose exploitation was tied to being enslaved by their owners/masters, and serfs in the feudal era where their exploitation was tied to land, the proletariat class that emerged out of industrialization were free wage laborers whose exploitation was tied to production, which is what the capitalist class needed to make their profit.

The industrialization of the society made the price of labor goes up, and directly strengthened the bargaining power of the labor movement. This contradiction is what would lead to the overthrow of the bourgeois class.

Neoliberal economies are different from industrial capitalism in the sense that the exploitation of the working class is now tied to debt, which is why it is often equated as a regression towards neo-feudalism or neo-rentier economy. The finance capitalist class doesn’t care about the improving productive capacity, they only need to pay enough for the workers to service their debt while keeping them in perpetual debt peonage.

This is why the revolutionary potential of the working class in Western neoliberal economies is so low. In Russia’s case, it’s still more industrialized than financialized, but the mining/extraction industry allowed wealth to be accumulated without a strong participation of labor.