Postprint version. Published in The Sociological Quarterly, Volume 24, Issue 2, Spring April 1, 1983, pages 201-218.
The definitive version is available at https://doi.org/10.1111/j.1533-8525.1983.tb00698.x.
This paper begins with a brief critical review of the major perspectives in the debate concerning ownership and control of major corporations. After examination of a new source of data compiled by a Senate committee (pertaining especially to the expansion of stock control by institutional investors and, most importantly, by major commercial banks), we argue that none of these perspectives is strongly supported. In concluding we tentatively outline a perspective wliicli seems to provide a better “fit” to the data. We argue that the dominant force in the overall capitalist economy is now an “intercorporate complex” of major corporations, with banks in a central coordinating position (though short of “control”) and an inner group of the “corporate class” providing the human linkage. This form of control is what we call “intercorporate control,” based upon the impersonal interests of major, interrelated corporate bureaucracies.
Social and Behavioral Sciences
1983 Blackwell Publishing.