chapotraphouse

Tamriel is not a capitalist country, but imo it seems pretty clear the province of Cyrodiil is a province wherein the capitalist mode of circulation prevails and enjoys the patronage of a continent-spanning empire to extract various luxury/exotic goods from periphery areas for profit.

In Morrowind, this was ofc very, very clear (East Empire Company, monopoly on Ebony, paper contracts, co-opting local rulers, etcetc its all very British empire).

In Oblivion we see the imperial core which is suitably saccharine on its surface but horrifying just below (e.g. the murderous countess of Leyawiin, the feeding of prisoners to vampires in Skingrad, Bravil's general horribleness, beggars everywhere, etc.)

In Skyrim we see a part of the Imperial core (but not the core-core) 200 years after the Empire suffered its greatest crisis, defacto collapsed and 'returned' with a tiny portion of its territory (notably missing: the sugar plantations of Elweyr, the Ebony mines of Morrowind and Hammerfel; the tropical trees of Black Marsh i.e. the areas from which the majority of wealth would have likely been extracted).

Also I'd note that client-kings was very much characteristic of early Roman expansion (although definitely not so much the periods of higher imperial power). Pseudo-feudalism isn't really descriptive of what we see in any of the TES games imo; Oblivion uses titles such as 'count', but so did/does capitalist Britain.