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
1 Constraint Discretion and Intercorporate Power | 1 |
2 Managerial Autonomy Corporate Unity and the Role of Financial Institutions | 17 |
3 The Structure and Functions of Unity among Financial Institutions | 45 |
4 Bank Intervention Institutional Stockholding and Bank Control | 72 |
5 The Texture of Financial Hegemony | 104 |
6 Interlocking Directorates | 127 |
The Meaning of Bank Centrality | 144 |
8 Directional Interlocks and the Integration of Regional Groupings into the National Corporate Network | 184 |
11 Conclusion | 249 |
Data Collection and Analysis for the Mathematical Analysis of Corporate Networks MACNET | 255 |
Interlocking Directorates among Major American Coporations 196266 | 257 |
2 Fundamentals of Centrality Analysis for Networks of Interlocking Directorates | 261 |
3 Refinements in Centrality Analysis | 272 |
Notes | 279 |
References | 299 |
| 319 | |
Unity and the Division of Labor in the Corporate Network | 202 |
10 Financial Groups and Intracapatalist Competition | 224 |
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Common terms and phrases
American bank control theory bank intervention Bank of Chicago bankruptcy banks and insurance Bearden borrowers Business Week capital flows capitalist 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 Fortune funds Gogel hub centrality important industrial firms insurance companies interlock network interlocking directorates International investment banks involved Kotz largest leadership Lehman Brothers lenders lending leverage loan major banks managerial Mariolis Mellon Mintz Mizruchi money market money market banks Morgan mutual deterrence National Bank National City Bank nonfinancial firms patterns porate profits Rank regional banks relationships renegotiation resource dependency Role of Financial sectors Stockholding and Bank strategic control structural constraint trust departments United United California Bank United States Congress Western Bancorp York