The 1933 separation of commercial and investment banking in the US weakened the financial power complex (Arrighi, 1994). While the fossil and livestock agribusiness power complexes maintained their influence, a digital power complex emerged alongside platform-based business models (Srnicek, 2017). The GFC shifted power within the financial power complex from banks to asset managers (Braun, 2021; Haldane, 2014). The fossil power complexFollowing the GFC, economic and political factors prompted caution within the fossil power complex. This fossil-based development path is reinforced by increasingly harsh state repression against climate activists and by climate research that underestimates emissions and overestimates the potential of negative-emission technologies (Achakulwisut et al., 2023; Stoddard et al., 2021; Anderson, 2015; Bukold, 2023; Dyke et al., 2021).
