A grassroots movement is urging U.S. consumers to participate in a 24-hour “economic blackout” on Friday, February 28, to protest corporate corruption and economic exploitation.

The initiative is led by John Schwarz, founder of The People’s Union USA, and he encourages individuals to halt all non-essential spending, particularly at major retailers such as Amazon, Walmart, and fast-food chains.

Participants were asked to support small, local businesses for essential purchases and, if possible, take the day off work.

Schwarz is a Chicago-area meditation and mindfulness educator. In a recent video he made online, he stated, “This is not just a protest. This is our warning shot. For too long, corporations have treated the American people like an endless source of profit.”

“The call to action, or inaction in this case, comes as the prices of essentials such as groceries continue to rise, the housing market remains frozen and U.S. credit card debt has reached a record high,” wrote Angela Yang for NBC Business News. “Adding to those woes, a closely followed consumer confidence report recently logged its sharpest decline since August 2021.”

Economic analyst Mark Hamrick noted in the same NBC Business News article a growing public awareness of wealth and income inequality, driven by what he described as: “the financialization of the economy, where essentially the interests of shareholders are prioritized over the interests of stakeholders.”

Economist Michael Hudson has written several articles and books on the topic of “financialization”. Hudson argues that financialization has transformed economies from productive, industrial-focused systems into rentier-driven models that prioritize financial speculation, debt, and asset price inflation.

He contends that banks and financial institutions have shifted their role from funding productive investment to extracting wealth through interest, fees, and speculative lending. Hudson sees this process as a form of economic parasitism, where financial elites accumulate wealth at the expense of workers and businesses, leading to rising inequality and economic instability.

Retail analyst Neil Saunders expressed skepticism about the boycott’s potential impact, suggesting that while it may gain some support, it is unlikely to create a significant dent in overall U.S. economic activity. He noted that many consumers might simply defer their spending to the following day.

Following the initial 24-hour blackout, The People’s Union has planned additional weeklong boycotts targeting specific companies throughout the year, including Amazon, Nestlé, Walmart, General Mills, Target, and McDonald’s. Another general 24-hour economic blackout is scheduled for April 18.

This movement resonates with past populist economic protests against economic inequality and corporate influence, such as the Occupy Wall Street movement in 2011.

However, unlike previous demonstrations that involved prolonged physical gatherings, this initiative leverages online platforms to mobilize consumers in a coordinated economic action.

While the immediate financial impact of the boycott remains uncertain, the organizers aim to send a powerful message about consumer influence and the demand for systemic change in corporate practices.

Georgist and land tax reform advocates believe that the financialization of the economy and the extraction of the wealth of the working many by the richest propertied rentier class is done by private ownership of monopoly rents.

While reducing consumption might send a message to the corporate elites, Georgists warn that reducing consumption could hurt workers and cause cost-cutting measures like layoffs. Shifting the burden of taxes off of worker incomes and onto unearned income derived from economic rent could increase employment while also checking the power of monopolies.