Wealth extraction in America runs on two engines. The first is corporate: wealth generated not by building something of value but by capturing, controlling, or stripping value that others produced. The second is political: governmental authority — legislative, regulatory, fiscal, enforcement — used to move wealth from the many to the few. Separately, each has limits. Together, they form a self-reinforcing system that has been reshaping the American economy for half a century.
We’ve Been Through Wealth Extraction Before: It’s Never Had a Clean TKO
Extraction has been a recurring theme throughout American history, and it’s never had a clean knockout. Here we are again.