The default assumption of much of the reformist left seems to be that elite economic opposition to progressive policy is concentrated in the industry or industries most directly affected. So, to take an example, the challenge in moving toward a single payer system of health insurance is overcoming the resistance of the existing health insurance industry, the medical establishment, etc. Similarly, what stands between us and rational policy on climate change is the fossil fuel industry.
This is an optimistic view, since it implies that the other economic interests are at least neutral to reform and may even be won over as part of a broad progressive coalition.
My reading of the last few decades of political conflict contradicts this: I don’t think we should expect to isolate a fragment of capital through careful sculpting of policy options. This expectation failed in both the Clinton and Obama health care initiatives (although the latter had partial legislative success), and the experience of carbon politics under Obama, while less clear, points in the same direction.
Why this is the case is open for debate. I suspect that the financialization of nonfinancial corporations has something to do with it, as well as the general changes in the portfolios of UHNWI’s, but this is just a guess.