The Power Structure of American Business

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University of Chicago Press, 1985 - 327 pages
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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.
 

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Contents

Constraint Discretion and Intercorporate Power
1
Managerial Autonomy Corporate Unity and the
17
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
Interlocking Directorates among
257
Refinements in Centrality Analysis
272
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About the author (1985)

Beth A. Mintz is associate professor of sociology at the University of Vermont. Michael Schwartz is professor of sociology at the State University of New York at Stony Brook.

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