Table 7-1. The Corporate Class: Kerbo’s Outline (p. 184)
•
Critique of the Ruling Class theory
•
Defining the Corporate Class: Structure of Corporate Concentration
•
The Nature and Consequences of Economic and Political Centralization
•
Is There a Corporate Class? Does it Really Matter?
Table 7-2. Comparing Upper and Corporate Classes
Based on Interests, Organization, and Power
Upper Class
Shared Interests
Corporate Class
Highly Variable and
Limited to Support of
Status Quo
Clearly Defined Common
Interest in Corporate
Capital Hegemony
Organization
Highly Variable and
Largely Social or Cultural
Highly Interlinked through
Corporations
Power
Highly Variable and
Largely Personal Influence
Actively Involved in
Corporate and Government
Decision making
Table 7-3. The Foundation for a Corporate Class
(Kerbo, p. 188)
•
The increasing size of major corporations and their increasing domination of the
global markets since 1880
•
The increasing concentration of stock ownership in major corporations, including
ownership by other (particularly financial) corporations
•
The growing network of interlocking directorates that link top corporate personnel
and foster interests and loyalties that transcend specific corporations, which
facilitates collective action and political planning and influence
Table 7-4. Top Ten U.S. Corporations Based on Forbes
Rating, with Assets and Sales in Billions of U.S. Dollars, 2004
(from Kerbo, pp. 188-189)
Name
Category
Assets
Sales
Citigroup
Banking
$1,884.3
$146.5
Bank of America
Banking
$1,459.7
$116.5
General Electric
Conglomerates
$697.24
$163.3
J. P. Morgan
Banking
$1,351.5
$99.30
American Intl
Insurance
$979.41
$113.1
Exxon-Mobil
Oil & Gas
$223.95
$335.0
Berkshire
Hathaway
Diversified
Financials
$248.44
$98.54
Wal-Mart
Retailing
$151.19
$348.6
Chevron
Oil & Gas
$132.63
$195.3
Conoco
Oil & Gas
$164.78
$167.5
Table 7-5. Top Ten U.S. Corporations Based on Assets with
Assets and Sales in Billions of U.S. Dollars, 2004 (from Kerbo,
pp. 188-189)
Name
Category
Assets
Sales
Citigroup
Banking
$1,884.3
$146.5
Bank of America
Banking
$1,459.7
$116.5
J. P. Morgan
Banking
$1,351.5
$99.30
Fannie Mae
Diversified Financials
$1,020.9
$51.34
Morgan Stanley
Diversified Financials
$1,120.6
$76.55
American Intl
Insurance
$979.41
$113.1
Goldman Sachs
Diversified Financials
$838.20
$69.35
Wachovia
Banking
$707.12
$46.81
General Electric
Conglomerates
$697.24
$163.3
MetLife
Insurance
$527.72
$48.40
Table 7-6. Stock-Voting Positions Held by Other Banks in Top
Five Banks Ranked by Assets (Kerbo, p. 196)
Rank by Assets
Name
Stock-Voting Rank
Stock
1
Bank of America
1. Morgan Bank
2. Citibank
4. First National Chicago
2.88%
2.47%
1.08%
2
Citibank
1. Morgan Bank
2. First National Boston
3. Harris Trust
3.26%
2.65%
1.59%
3
Chase Manhattan
1. Rockefeller Family
1.85%
4
Manufacturers
Hanover
1. Morgan Bank
2. Hartford National
3. Bankers Trust
3.88%
1.09%
0.80%
5
Morgan Bank
1. Citibank
2. Chase Manhattan
3. Manufacturers Hanover
4. Bankers Trust
2.63%
1.43%
1.42%
1.10%
Table 7-7. Why Do Corporate Interlocks Matter
(from Kerbo, p. 197)
•
They reduce competition among corporations
•
They represent outside influence over corporations
•
They provide ways of exchanging information between corporations that might
otherwise be barred by restraint of trade regulations
•
They help provide unity and facilitate organization of the corporate class
•
They help corporations cooperate in dealing with government regulations or in
attempting to influence government policy
Table 7-8. Characteristics of the Corporate InterOrganizational Leaders (Kerbo, p. 203)
•
Have more positions on corporate boards
•
More likely to be on board of larger corporations
•
Often represent large banks on corporate boards
•
More often belong to elite social clubs
•
More often worked their way up to top positions rather than inheriting wealthy
family status
•
Often represent corporate interests in foundations, universities, and government
Table 7-9. Three Perspectives on Three Questions About
Elites (from Kerbo, p. 210)
Critical
Elite Theory
Functional
Elite Theory
Pluralist
Theory
Are Powerful,
Independent Elites
Necessary?
No
Yes
No
Do Powerful
Independent Elites
Lead to
Exploitation?
Yes
No
Yes
Is the U.S. presently
dominated by
elites?
Yes
Yes
No
Three Questions