Americans tend to think about the economy in sectors. The defense industry. The oil industry. The banking sector. The tech giants. This is a useful shorthand for what these industries produce — weapons systems, energy, credit, software — but it describes function, not ownership. The question this piece examines is a different one: at the level where the money actually accumulates, do these sectors exist as separate things at all?
The answer the ownership record suggests is largely no. The same concentrated pools of capital sit at the top of the shareholder lists across industries that are supposed to be distinct, supposed to compete, supposed to be governed by separate regulatory frameworks built around their differences. This piece assembles that picture — not sector by sector, but all at once — and asks whether economic activity at that scale is better described as productive or extractive.