The Financial Power Elite

The Financial Power Elite“, (coauthored with Hannah Holleman, Foster listed first), Monthly Review vol. 62, no. 1 (May 2010), pp. 1-19. DOI: 10.14452/MR-062-01-2010-05_1

Has the power of financial interests in U.S. society increased? Has Wall Street’s growing clout affected the U.S. state itself? How is this connected to the present crisis? We will argue that the financialization of U.S. capitalism over the last four decades has been accompanied by a dramatic and probably long-lasting shift in the location of the capitalist class, a growing proportion of which now derives its wealth from finance as opposed to production. This growing dominance of finance can be seen today in the inner corridors of state power.



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