The Power Structure of American BusinessUniversity of Chicago Press, 1987 M06 30 - 352 pages Mintz and Schwartz offer a fascinating tour of the corporate world. Through an intensive study of interlocking corporate directorates, they show that for the first time in American history the loan making and stock purchasing and selling powers are concentrated in the same hands: the leadership of major financial firms. Their detailed descriptions of corporate case histories include the forced ouster of Howard Hughes from TWA in the late fifties as a result of lenders' pressure; the collapse of Chrysler in the late seventies owing to banks' refusal to provide further capital infusions; and the very different "rescues" of Pan American Airlines and Braniff Airlines by bank intervention in the seventies. |
Contents
Constraint Discretion and Intercorporate Power | 1 |
The Structure and Functions of Unity among | 45 |
Bank Intervention Institutional Stockholding and | 72 |
The Texture of Financial Hegemony | 104 |
Interlocking Directorates | 127 |
The | 144 |
Directional Interlocks and the Integration of | 184 |
Unity and the Division of | 202 |
Financial Groups and Intracapitalist Competition | 224 |
Conclusion | 249 |
Fundamentals of Centrality Analysis for Networks | 261 |
Refinements in Centrality Analysis | 272 |
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American bank control theory bank intervention Bank of Chicago bankruptcy banks and insurance Bearden borrowers Business Week capital flows central firms chapter Chase Manhattan Chase Manhattan Bank Chemical Bank chief executive officer clique commercial banks consortia Continental Illinois control theory coordination corporate interlocks created crisis debt directional discretion discretionary decision dominant economic Equitable example financial hegemony financial institutions funds Gogel hub centrality important industrial firms insurance companies interlock network interlock research interlocking directorates International investment banks involved Kotz largest leadership Lehman Brothers lenders lending leverage loan major banks managerial Mariolis Mellon million Mintz Mizruchi money market money market banks Morgan mutual deterrence National Bank National City Bank nonfinancial firms patterns porate profits ranked reflect regional banks relationships resource dependency Role of Financial Schwartz sectors sources Steel Stockholding and Bank strategic control structural constraint trust departments United United California Bank unity York