Who Rules the World - Ownership and Finance Capital

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Title Who Rules the World - Ownership and Finance Capital
Author Murray, Georgina; Peetz, David Robert
Publication Title XVII ISA World Congress of Sociology. Sociology on the Move. Conference Abstracts
Year Published 2010
Place of publication San Diego, CA
Publisher CSA Sociological Abstracts
Abstract This paper examines the relationship of a transnational capitalist class to the nation state through the control that is exercised by virtue of the ownership & direction of equity funds. We use cross-national data on corporate assets, turnover & shareholdings to investigate the direct & indirect ownership & hence control of the world's 250 largest corporations. We identify key corporations that in turn hold ownership (through shareholdings) that crosses nation-state boundaries & establishes substantial power in relation to nation states. We find that the influence of finance capital extends far beyond the provision of loans to finance corporate expansion. Both directly & indirectly (through funds they administer), finance capital owns or at least controls the ownership of a substantial proportion of largest transnational corporations, to such an extent that the idea of distinguishing fractions of capital between 'finance capital', 'manufacturing capital' & other sectors of capital becomes increasingly problematic.
Peer Reviewed No
Published Yes
Publisher URI http://www.isa-sociology.org/congress2010/index.htm
Copyright Statement Copyright remains with the authors 2010. This is the author-manuscript version of this paper. It is posted here with permission of the copyright owners for your personal use only. No further distribution permitted. For information about this conference please refer to the conference's website or contact the authors.
Conference name XVII ISA World Congress of Sociology - Sociology on the Move
Location Goteborg, Sweden
Date From 2010-07-10
Date To 2010-07-16
URI http://hdl.handle.net/10072/37499
Date Accessioned 2010-07-21
Language en_AU
Research Centre Centre for Work, Organisation and Wellbeing
Faculty Arts, Education and Law
Subject Heterodox Economics
Publication Type Conference Publications (Full Written Paper - Non-Refereed)
Publication Type Code e2

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