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 Corporate Class

Shared Interests 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 Inter-Organizational 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)

Three Questions

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