Citations Needed Ep 233: How US Media Naturalizes Capital Strikes and Helps the Rich Undermine Democracy
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Jan 28, 2026 Kevin A. Young, Associate Professor of History at UMass Amherst and co-author of Levers of Power, studies social movements and concentrated economic power. He discusses how threats of capital withdrawal are framed as normal by major outlets. The conversation traces historical precedents, cultural narratives like Atlas Shrugged, municipal bidding wars, and local levers businesses use to shape politics.
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1930s Capital Threats Preceded Modern Examples
- Historically, wealthy elites have openly threatened to withdraw investment to resist redistributive policies.
- FDR-era officials explicitly named these tactics and warned they amounted to a general sit-down strike by capital.
Atlas Shrugged Gave Ideology To Capital Strikes
- Ayn Rand's Atlas Shrugged culturally reframed capital strikes as heroic 'talent strikes' rather than extortion.
- That ideology helps justify elites' threats to relocate as principled rather than coercive.
Wall Street Withheld Financing During NYC Crisis
- In the 1970s New York fiscal crisis, Wall Street dumped city bonds to trigger austerity and force policy changes.
- The downgrade and capital withdrawal led to layoffs, fare hikes, and cuts to public services.
