Corporate Ownership and Control: The Large Corporation and the Capitalist Class

Abstract

An "astonishing consensus" exists among academic social scientists concerning the impact of the alleged separation of ownership and control in large corporations on the class structures and political economies of the United States and similar countries. The question is whether this separation is a "pseudofact," which has, therefore, inspired incorrect "explanations," "inferences," and "theories," namely, that the presumed separation has either transformed or eliminated the former "capitalist class" and therefore rendered inapplicable a class theory of the division of the social product, class conflict, social domination, political processes, and historical change. If the separation of ownership and control has not occurred, then "managerial" theories are without foundation. The discrepant findings of numerous studies are reviewedand problems of method and measurement discussed, concluding that the empirical question is quite open. Critical questions are posed for research into the internal differentiation and integration of the dominant ("upper") class in the United States.