Corporate Elites And States After Financialization
The golden era of the US corporate elite“Any President who wants to run a prosperouscountry depends on the corporation at least asmuch as—probably more than—thecorporation depends on him. His dependenceis not unlike that of King John on the landedbarons of Runnymede, where Magna Cartawas born.”Fortune magazine, 1952Corporate elitesand states afterfinancializationJerry DavisCRESC Seminar: Studying ElitesUniversity of Manchester24 April 2009 2009 by The Regents of The University of Michigan All Rights Reserved234
Research question:Outline of the talk Industry and finance capitalism in the early 20thcentury The evolution of local and national elite networks The rise of market-based finance and the end of“bank hegemony” Dense elite networks: conspiracy, or something morebenign? Finance turns states from sovereigns to vendors Bespoke tailors, or prêt-à-porter?WTF?How have the links between corporateelites and the state evolved in theUS?What part does “financialization”play?56Social critics have linked bank-based corporatenetworks to economic control for a centuryIndustry and finance capitalismin the early 20th century7Louis Brandeis, 1914V.I. Lenin, 1916“The practice of interlocking directoratesis the root of many evils. It offendslaws human and divine.It is themost potent instrument of the MoneyTrust”“A very close personal union is establishedbetween the banks and the biggest industrialcommercial enterprises through theappointment of bank directors to theSupervisory Boards of industrial andcommercial enterprises, and vice versa ”8
On the verge of World War I, three American banks helddominant positions in the corporate networkJP Morgan Chase board, 2001: plus ça change In 1912, JP Morgan’s partners collectively held 72directorships on 47 corporate boards First National of New York executives served on 49boards National City Bank executives served on 48 boards 1914: in the face of populist pressure and imminentlegislation, JP Morgan’s men resigned directorshipsin 30 of their “subject” companies9Mid-century theorists linked business networksexplicitly to political power10Network analysis shows that corporate elites reallydo all know each other GOLDEN WEST FINANCIAL CORPONEOK INC NEWWESTERN RESOURCES INC KSABM INDUSTRIES INCMURPHY OIL CORPREGIONS FINANCIAL CORPC. WrightMills, 1956“By the power elite, we refer to thosepolitical, economic, and military circleswhich, as an intricate set of overlappingcliques, share decisions having at leastnational consequences”ALASKA AIR GROUP INCAVISTA CORPSCHOLASTIC CORPThe Fortune1000 board ofdirectorsnetworkLANDSTAR SYSTEM INCTESORO PETROLEUM CORPPERFORMANCE FOOD GROUP COGEORGIA GULF CORPUNIVERSAL FOREST PRODUCTS INCTECH DATA CORPNATIONAL FUEL GAS COQUINTILES TRANSNATIONAL CORPWATSCO INCPROVIDENT FINANCIAL GROUP INCNASH FINCH COOLD KENT FINANCIAL CORPPINNACLE WEST CAPITAL CORPSILGAN HOLDINGS INCCHAMPION ENTERPRISES INCM&T BANK CORPGENERAL CABLE CORP NEWDEVON ENERGY CORP NEWJDS UNIPHASE CORPFAIRCHILD SEMICONDUCTOR INTL INCUNITED STATIONERS INCSERVICE CORP INTERNATIONALHUB GROUP INCPAYCHEX INCSIERRA PACIFIC RESOURCESGENESIS HEALTH VENTURES INCFOAMEX INTERNATIONAL INCPUGET ENERGY INCRGS ENERGY GROUP INCGREENPOINT FINANCIAL CORPPAYLESS CASHWAYS INCPHAR MOR INCPSS WORLD MEDICAL INCJABIL CIRCUIT INCUNIVERSAL CORPEMCOR GROUP INCVALERO ENERGY CORP NEWPENTAIR INCMICRON TECHNOLOGY INCMITCHELL ENERGY & DEVELOPMENT CORPMILACRON INCABERCROMBIE & FITCH CO DESTEELCASE INCCOVENTRY HEALTH CARE INCMASCO CORPLANDAMERICA FINANCIAL GROUP INCKELLY SERVICES INCGREAT LAKES CHEMICAL CORPTYSON FOODS INCPUBLIC SERVICE CO OF NEW MEXICOMAXXAM INCALTERA CORPMANPOWER INCMICROAGE INCSPARTAN STORES INCDEL WEBB CORPWHOLE FOODS MARKET INCALLIANT ENERGY CORPPERKINELMER INCHARTFORD FINANCIAL SERVICES GROUP ILEAR CORPMARSHALL & ILSLEY CORPINTERNATIONAL MULTIFOODS CORPPATHMARK STORES INCEMC CORPQUANTA SERVICES INCTELEPHONE & DATA SYSTEMS INC DEWHX CORPINTERSTATE BAKERIES CORPDIEBOLD INCLAM RESEARCH CORPTORO COCYPRESS SEMICONDUCTOR CORPPOLARIS INDUSTRIES INCTELLABS INCNIAGARA MOHAWK HOLDINGS INCBORDERS GROUP INC MIWESTERN DIGITAL CORPFURNITURE BRANDS INTERNATIONAL INCMARK IV INDUSTRIES INCADMINISTAFF INCVECTREN CORPBROADWING INCWILLAMETTE INDUSTRIES INCMERISEL INCDTE ENERGY COCARDINAL HEALTH INCWHIRLPOOL CORPFLOWSERVE CORPE W SCRIPPS CO OHMOHAWK INDUSTRIES INCSMURFIT STONE CONTAINER CORPAMERICAN ELECTRIC POWER CO INCHEILIG MEYERS COKENNAMETAL INCLSI LOGIC CORPHEALTH NET INCWESCO INTERNATIONAL INCTERADYNE INCSUPERVALU INCWORLDCOM INC NEWFOOTSTAR INCREYNOLDS & REYNOLDS JACOBSCOENGINEERING GROUP INCUNIFI INCQWEST COMMUNICATIONS INTERNATIONALAGCO CORP DEMANDALAY RESORT GROUPSTANDARD REGISTER CODOLLAR GENERAL CORPRITE AID CORPGALILEO INTERNATIONAL INCANIXTER INTERNATIONAL INCMCN ENERGY GROUP INCPRINCIPAL FINANCIAL GROUP INCAMERICAN AXLE & MANUFACTURING HLDGSCALPINE CORPSMITHFIELD FOODS INCIMATION CORPFMC CORPVOLT INFORMATION SCIENCES INCCABLEVISION SYSTEMS CORP NEWDQEOCCIDENTAL PETROLEUM CORPLINENSUNITED AUTO GROUPINCN THINGS INCAK STEEL HOLDING CORPSTATE STREET CORPLIZ CLAIBORNE INCMELLON FINANCIAL CORPA O SMITH CORPVALSPAR CORPALBERTSON S INCHEALTHSOUTH CORPRYLAND GROUP INCITT INDUSTRIES INCLA Z BOY INCHILLENBRAND INDUSTRIES INCHUMANA INCBANTA CORPNAVISTAR INTERNATIONAL CORPTRIGON HEALTHCARE INCSUNGARD 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INCNATIONAL SERVICE INDUSTRIES INCWM WRIGLEY JR COCH2M HILL COMPANIES LTDNOBLE AFFILIATES INCAUTOZONE INCQUEST DIAGNOSTICS INCSTORAGE TECHNOLOGY CORPPRAXAIR INCMCDONALD S CORPFORD MOTOR CODARDEN RESTAURANTS INCD & K HEALTHCARE RESOURCES INCUNIVERSAL HEALTH SERVICES INCUGI CORP PAHARMAN INTERNATIONAL INDUSTRIES INCDANA CORPJ P MORGAN CHASE & COMGM MIRAGEMEAD CORPGENERAL MOTORS CORPAVON PRODUCTS INCAMERICA WEST HOLDINGS CORPSTRYKER CORPHAWAIIAN ELECTRIC INDUSTRIES INCGOLDMAN SACHS GROUP INCGANNETTSCIENCECO INC APPLICATIONS INTERNATIONALESTEE LAUDER COS INCWALT DISNEY CO NEWMOTOROLA INCPOTOMAC ELECTRIC POWER COCONEXANT SYSTEMS INCPEPSIAMERICAS INC NEWFEDERATED DEPARTMENT STORES INC NEWMINNESOTA MINING & MANUFACTURING COHARLEY DAVIDSON INCDYNCORPMARRIOTT INTERNATIONAL INC NEWKMART CORPMICROSOFT CORPALLSTATE CORPELECTRONIC DATA SYSTEMS CORPSUMMIT BANCORP NJW R BERKLEY CORPPACTIV CORPORACLE CORP DEUSG CORPARMSTRONG WORLD INDUSTRIES INCASHLAND INCARROW ELECTRONICS INCPACKAGING CORP OF AMERICAOWENS & MINOR INC NEWCDI CORPSNAP ON INCVIACOM INCHONEYWELL INTERNATIONAL INCXEROX CORPPNC FINANCIAL SERVICES GROUP INCJ C PENNEY CO INCGENERAL ELECTRIC COPHELPS DODGE CORPPEPSICO INCPEPSI BOTTLING GROUP INCTHOMAS & BETTS CORPGPU INCEXELON CORPWEYERHAEUSER COEMERSON ELECTRIC COTEXTRON INCCITIGROUP INCSERVICEMASTER COTRANSMONTAIGNE INCAMERICAN STANDARD COS INCPUBLIC SERVICE ENTERPRISE GROUP INCUSEC INCLEXMARK INTERNATIONAL INCCHUBB CORPPHILIP MORRIS COS INCTEMPLE INLAND INCEASTMAN KODAK COKB HOMEKELLWOOD COBRIGHTPOINT INCBRM HOLDINGS INCUNITED TECHNOLOGIES CORPCVS CORPPFIZER INCFLEETBOSTON FINANCIAL CORPPETSMART INCHARCOURT GENERAL INCW R GRACE & CO NEWIMC GLOBAL INCCLEAR CHANNEL COMMUNICATIONS INCCONVERGYS CORPTARGET CORPHOUSEHOLD INTERNATIONALCSX CORP INCCUMMINS INCSTAPLES INCCONTINENTAL AIRLINES INCSTANLEY WORKSWASHINGTON MUTUAL INCFINOVA GROUP INCRADIOSHACK CORPDOW JONES & CO INCNORTHERN TRUST CORPE I DU PONT DE NEMOURS & COCOMCAST CORPAUTOLIV INCWALTER INDUSTRIES INCTRICON GLOBAL RESTAURANTS INCEXXON MOBIL CORPNEWMONT MINING CORPHOME DEPOT INCALCOA INCAT&T CORPJOHN HANCOCK FINANCIAL SERVICES INCLEHMAN BROTHERS HOLDINGS INCAES CORPINTERNATIONAL FLAVORS & FRAGRANCESTECUMSEH PRODUCTS COSTANCORP FINANCIAL GROUP INCAMERISOURCE HEALTH CORPWALGREEN COCAMPBELL SOUP COHERSHEY FOODS CORPAIR PRODUCTS & CHEMICALS INCINGRAM MICRO INCHERMAN MILLER INCAETNA INC PAILLINOIS TOOL WORKS INCWAL MART STORES INCSOLUTIA INCHORMEL FOODS CORPLIMITED INCTHERMO ELECTRON CORPMDU RESOURCES GROUP INCTRANS WORLD AIRLINES INCMERITOR AUTOMOTIVE INCCRANE COCONSTELLATION ENERGY GROUP INCWISCONSIN ENERGY CORPNEW YORK TIMES CORYERSON TULL INC NEWCHARMING SHOPPES INCTEKTRONIX INCLOUISIANA PACIFIC CORPIBP INCTENNECO AUTOMOTIVE INCKOHL S CORPCOUNTRYWIDE CREDIT INDUSTRIES INCZIONS BANCORPORATIONSTARBUCKS CORPUNUMPROVIDENT CORPCABOT CORPJOHNSON CONTROLSINCCORPSPRINTECOLAB INCTRIBUNE COPHARMACIA CORP DESAKS INCCADENCE DESIGN SYSTEMS INCOHIO CASUALTY CORPUSFREIGHTWAYS CORPBAKER HUGHES INCMONY GROUP INCPITNEY BOWES INCBRIGGS & STRATTON CORPNEWPORT NEWS SHIPBUILDING INCSHERWIN WILLIAMS COFIRST TENNESSEE NATIONAL CORPRUSSELL CORPUNITED RENTALS INC NEWSERVICE MERCHANDISE CO INCSHOPKO STORES INCGREY GLOBAL GROUP INCGENTIVA HEALTH SERVICES INCCORNING INCSCI SYSTEMS INCNCR CORPGRAND UNION CO“As an elite, it is not organized, althoughits members often seem to know oneanother, seem quite naturally to worktogether, and share many organizationsin common.”IMS HEALTH INCEQUITABLE RESOURCES INCAMERICAN HOME PRODUCTS CORPPOLAROID CORPALLMERICA FINANCIAL CORPNEIMAN MARCUS GROUP INCKLA TENCOR CORPJO ANN STORES INCCERIDIAN CORP NEWMAYTAG CORPWALLACE COMPUTER SERVICES INCCMS ENERGY CORPADVANTICA RESTAURANT GROUP INCXCEL ENERGY INCDEERE & COWILLIAMS COMPANIESINC CHEMICAL COEASTMANFEDERAL MOGUL CORPNORDSTROM INCWELLPOINT HEALTH NETWORKS INC NEWREADER S DIGEST ASSOCIATION INCHUBBELLCOLLINSINC& AIKMAN CORP NEWLYONDELL CHEMICAL COCOMERICA INCON SEMICONDUCTOR CORPR R DONNELLEY & SONS COWELLS FARGO 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CORPELI LILLY & COGAP INCPETER KIEWIT SONS INC NEWWEATHERFORD INTERNATIONAL INC NEWCONSOLIDATED EDISON INCSYNOVUS FINANCIAL CORPSODEXHO MARRIOTT SERVICES INCLOEWS CORPNISOURCE INCCONAGRA FOODS INCTORCHMARK CORPTRANS WORLD ENTERTAINMENT CORPWACKENHUT CORPREPUBLIC SERVICES INCRAYONIER INCNIKE INCCB RICHARD ELLIS SERVICES INCALLTEL CORPAMERICAN GENERAL CORPURS CORPYORK INTERNATIONAL CORPULTRAMAR DIAMOND SHAMROCK CORPINTEL CORPCHARTER ONE FINANCIAL INCBURLINGTON INDUSTRIES INCELECTRONIC ARTS INCPENNZOIL QUAKER STATE COFERRO CORPBROWN SHOE CO INCGOLDEN STATE BANCORP INCHON INDUSTRIES INCFIRST DATA CORPCORN PRODUCTS INTERNATIONAL INCPHILLIPS VAN HEUSEN CORPOAKWOOD HOMES CORPCARLISLE COMPANIES INCIKON OFFICE SOLUTIONS INCARCHER DANIELS MIDLAND COHILTON HOTELS CORPBEVERLY ENTERPRISES INC NEWAMERICAN FINANCIAL GROUP INC NEWAPPLIED INDUSTRIAL TECHNOLOGIES INCEXPRESS SCRIPTS INCCONSECO INCAVERY DENNISON CORPCONSOLIDATED FREIGHTWAYS CORPFIRST AMERICAN CORPPRECISION CASTPARTS CORPBORGWARNER INCBECKMAN COULTER INCRPM INCDOLLAR TREE STORES INCIMPERIAL SUGAR CO TXBERKSHIRE HATHAWAY INC NEWTOYS R US INC NEWBALL CORPR J REYNOLDS TOBACCO HOLDINGS INCRUDDICK CORPAMERICAN MANAGEMENTNEXTELSYSTEMSCOMMUNICATIONSINCINC NEWCOOPER TIRE & RUBBER CODST SYSTEMS INCBANKNORTH GROUP INC MECAREMARK RX INCANADARKO PETROLEUM CORPAFLAC INCPROTECTIVE LIFE CORPNUCOR CORPROCK TENN COUST INCGROUP 1 AUTOMOTIVE INCL 3 COMMUNICATIONS HOLDINGS INC BURLINGTON RESOURCES INCADELPHIA COMMUNICATIONS CORPOFFICEMAX INCE TRADEGROUP INCLABORATORY CORP OF AMERICAHOLDINGSBROWN FORMAN CORPSTANDARD PACIFIC CORPCHIQUITA BRANDS INTERNATIONAL INCFREEPORT MCMORAN COPPER & GOLD INCMILLENNIUM CHEMICALS INCCOMDISCO INCNORTHWESTERN CORPFRANKLIN RESOURCES INCPARK PLACE ENTERTAINMENT CORPWENDY S INTERNATIONAL INCTENET HEALTHCARE CORPDELUXE CORPHEWLETT PACKARD COCRESTLINE CAPITAL CORPCHARTER COMMUNICATIONS INC DEBELK INCBOWATER INCZALE CORPJEFFERSON PILOT CORPPENN TRAFFIC COHEALTH MANAGEMENT ASSOCIATES INCQUALCOMM INCAPPLIED 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and banks sit somewhere in the middleThe evolution of local and nationalelite networksJP Morgan ChaseBank of AmericaCitigroup1314The 1920s stock market boom dispersed ownership inthe largest US corporations Corporate ownership grew increasingly dispersedduring the 1920s as retail investors poured into thestock market Number of shareholders in the US– 1924: 2.4 million– 1927: 5 million– 1930: 10 million By 1930, 44% of the 200 largest corporations lackeda single large ownership block, according to Berleand Means (1932)Retail investors,AKA “widows andorphans”1516
The dispersion of ownership and the rise of the“managerial class” Dispersed ownership and the rise of professionalmanagers created a new system of “managerialism” “The economic power in the hands of the fewpersons who control a giant corporation is atremendous force which can harm or benefit amultitude of individuals, affect whole districts, shiftthe currents of trade, bring ruin to one communityand prosperity to another. The organizations whichthey control have passed far beyond the realm ofprivate enterprise--they have become more nearlysocial institutions.”Berle and Means, 19321718The same New York banks were the most central firmsin the national board interlock network for decadesDid finance become irrelevant?19821962“Not ‘Wall Street financiers’ or bankers, but largeowners and executives in their self-financingcorporations hold the keys of economic power”C. Wright Mills, The Power Elite (1956)1.2.3.4.5.JP MorganChase ManhattanChemical BankFirst National City BankSouthern PacificRailroad6. Mellon Bank7. Manufacturers Hanover8. AT&T9. Pennsylvania Railroad10. Bankers TrustAnd yet 1.2.3.4.5.6.7.8.9.10.AT&TJP MorganChase ManhattanCiticorpIBMGeneral FoodsChemical BankBankers TrustManufacturers HanoverMobil10 most central public corporations (eigenvector centrality).Source: Mintz and Schwartz, 1985 (1962); Davis and Mizruchi, 1999 (1982)1920
In every major city, local corporate executives staffedthe boards of local banks creating relatively dense urban elite networksLocal Non-profitLocal Bank Boston: Bank of Boston–––––––ComputervisionDennison ManufacturingGeneral CinemaGillettePrime ComputerRaytheonWyman Gordon Pittsburgh: Mellon Bank––––––––Air ProductsAllegheny InternationalAlcoaJoy ManufacturingPPG IndustriesQuaker State OilSperryUS SteelData for 1986 from Davis (1991)Minneapolis-St. Paul 20002122“The coming death of commercial banks,” ca. 1991 Indicators of decline in traditional business included–The rise of market-based financeand the end of “bank hegemony”––Industry contraction
university of manchester 24 april 2009 2 . louisiana pacific corp big lots inc northwestern corp caremark rx inc wackenhut corp ultramar diamond shamrock corp . union pacific corp astoria financial corp washington post co reebok international ltd public service enterprise group inc
Elites and Panic: More to Fear than Fear Itself Lee Clarke, Rutgers University Caron Chess, Rutgers University Attributions ofpanic are almost exclusively directed at members of the general public. Here, we inquire into the relationships between elites and panic. We review current research and theorizing about panic, including problems of .
Elites, Interest Groups, and Average Citizens Martin Gilens and Benjamin I. Page Each of four theoretical traditions in the study of American politics—which can be characterized as theories of Majoritarian Electoral Democracy, Economic-Elite Domination, and two types of interest-group pluralism, Majoritarian Pluralism and Biased
11.Looking glass self: C H Cooley 12.Law of evolution: Herbert Spencer 13.Survival of the fittest, social Darwinism: Herbert Spencer 14.Organic analogy: Herbert Spencer 15.logical and non-logical action: Pareto 16.Circulation of elites: Pareto 17.Derivatives and residues: Pareto 18.Governing and non-governing Elites: Pareto
Weber's definition of the state provides a helpful starting point for analyses of the state and of the state in society. However, this conventional lens primarily focuses on elites, and how the state's monopoly over the use of force serves elites' interest in maintaining state domination in society and, in turn, perpetuating their political power.
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Robert Kiyosaki: Fake: Fake Money, Fake Teachers, Fake Assets Book Summary -Introduction: The Future is Fake - How My Generation Broke America - The elites got greedy taking care of themselves, at the expense of others. - The elites focused on making themselves rich, rather than creating new businesses,
Haïti et ses élites: L'interminable dialogue de sourds1 JEAN CASIMIR ( ) Si depuis deux ans l'occupation étrangère est venue trouver l'élite divisée et fragmentée, re-
Best Practice on Corporate Governance for Mauritius. After a review of corporate governance practices in Mauritius, the Committee decided that it was appropriate to prepare a Code of Corporate Governance for Mauritius. This Code is contained in this document. 2.2 In the early 1990's, after a number of corporate scandals in the UK, a report on
