Skip to main content Accessibility help
×
Hostname: page-component-77c89778f8-gvh9x Total loading time: 0 Render date: 2024-07-16T10:19:11.496Z Has data issue: false hasContentIssue false

37 - Liberalizing Trade and Finance

Corporate Class Agency and the Neoliberal Era

from VI - Globalization and New and Bigger Sources of Power and Resistance

Published online by Cambridge University Press:  22 February 2020

Thomas Janoski
Affiliation:
University of Kentucky
Cedric de Leon
Affiliation:
University of Massachusetts, Amherst
Joya Misra
Affiliation:
University of Massachusetts, Amherst
Isaac William Martin
Affiliation:
University of California, San Diego
Get access

Summary

Political sociology has an important role in explaining the history, development, and consequences of neoliberal globalization. Specifically, our methods and theory are equipped to address the role of states and the political economy in shaping processes and outcomes of globalization, but also to examine specific forms of collective action aimed at building neoliberal institutions – or challenging and transforming them. This chapter addresses the ways that the collective action of US corporate leaders ushered in neoliberalization through trade policy, closely interacting with state officials and institutions.

Type
Chapter
Information
Publisher: Cambridge University Press
Print publication year: 2020

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Akard, Patrick J. 1992. “Corporate Mobilization and Political Power: The Transformation of U.S. Economic Policy in the 1970s.” American Sociological Review 57: 597615.Google Scholar
Arrighi, Giovanni. 1994. The Long Twentieth-Century: Money, Power, and the Origins of Our Times. London: Verso.Google Scholar
Autor, David H., Dorn, David, and Hanson, Gordon H.. 2012. “The China Syndrome: Local Labor Market Effects of Import Competition in the United States.” National Bureau of Economic Research Working Paper No. 18054.CrossRefGoogle Scholar
Babb, Sarah L. 2009. Behind the Development Banks: Washington Politics, World Poverty, and the Wealth of Nations. Chicago: University of Chicago Press.Google Scholar
Block, Fred. 1977. The Origins of International Economic Disorder: A Study of United States International Monetary Policy from World War II to the Present. Berkeley: University of California Press.Google Scholar
Block, Fred. 1987. Revising State Theory: Essays in Politics and Postindustrialism. Philadelphia: Temple University Press.Google Scholar
Blythe, Mark. 2002. Great Transformations: Economic Ideas and Institutional Change in the Twentieth Century. Cambridge: Cambridge University Press.CrossRefGoogle Scholar
Bourdieu, Pierre. 1999. Acts of Resistance: Against the Tyranny of the Market. Translated by Richard Nice. New York: New Press.Google Scholar
Bowles, Samuel, Gordon, David M., and Weisskopf, Thomas E.. 1990. After the Waste Land: A Democratic Economics for the Year 2000. Armonk, N.: M. E. Sharpe.Google Scholar
Bruff, Ian. 2014. “The Rise of Authoritarian Neoliberalism.” Rethinking Marxism 26(1): 113129.Google Scholar
Burris, Val. 1987. “The Political Partisanship of Big Business.” American Sociological Review 52: 732744.CrossRefGoogle Scholar
Burris, Val. 1992. “Elite Policy-Planning Networks in the United States.” Research in Politics and Society 4: 111134.Google Scholar
Burris, Val. 2001. “The Two Faces of Capital: Corporations and Individual Capitalists as Political Actors.” American Sociological Review 66(3): 361381.CrossRefGoogle Scholar
Burris, Val. 2005. “Interlocking Directorates and Political Cohesion among Corporate Elites.” American Journal of Sociology 111: 249283.Google Scholar
Burris, Val. 2008. “The Interlock Structure of the Policy-Planning Network and the Right Turn in U.S. State Policy.” Research in Political Sociology 17: 342.Google Scholar
Business Roundtable. 2003. “Top Business Leaders Urge Action on Trade.” Press Release, February 23. Washington, D.C: The Business Roundtable.Google Scholar
Campbell, John L. and Pedersen, Ove K. (eds.). 2001. The Rise of Neoliberalism and Institutional Analysis. Princeton, NJ: Princeton University Press.Google Scholar
Canto, Victor A. 1983. “U.S. Trade Policy: History and Evidence.” CATO Journal 3: 679703.Google Scholar
Carroll, William K. 2004. Corporate Power in a Globalizing World: A Study in Elite Social Organization. Don Mills, Ontario: Oxford University Press.Google Scholar
Carroll, William K. 2010. The Making of a Transnational Capitalist Class: Corporate Power in the Twenty-First Century. New York: Zed Books.Google Scholar
Chorev, Nitsan. 2007. Remaking U.S. Trade Policy: From Protectionism to Globalization. Ithaca, NY: Cornell University Press.Google Scholar
Chu, Johan and Davis, Gerald F.. 2016. “Who Killed the Inner Circle? The Decline of the American Corporate Interlock Network.” American Journal of Sociology 122(3): 715754.Google Scholar
Clawson, Dan, Neustadtl, Alan, and Weller, Mark. 1998. Dollars and Votes: How Business Campaign Contributions Subvert Democracy. Philadelphia: Temple University Press.Google Scholar
Cohen, Stephen D., Blecker, Robert A., and Whitney, Peter D.. 2003. Fundamentals of US Foreign Trade Policy: Economics, Politics, Laws, and Issues. Boulder, CO: Westview Press.Google Scholar
Council of the Americas. 1994. “North American Free Trade: David Rockefeller’s Vision Realized.” Spring Newsletter: 15.Google Scholar
Court, Jamie. 2003. Corporateering: How Corporate Power Steals Your Personal Freedom –and What You Can Do About It. New York: Jeremy P. Tarcher/Putnam.Google Scholar
Davis, Bob. 1993. “Mexico Mounts a Massive Lobbying Campaign to Sell North America Trade Accord in U.S.Wall Street Journal 20 (May): A18.Google Scholar
Davis, Gerald and Mizruchi, Mark. 1999. “The Money Center Cannot Hold: Commercial Banks in the U.S. System of Corporate Governance.” Administrative Science Quarterly 44: 215239.Google Scholar
Davis, Julie Hirschfeld. 2017. “Trump Sends Nafta Renegotiation Notice to Congress.” New York Times, May 18. https://nyti.ms/2rvy8pJGoogle Scholar
Destler, I. Mac. 2005. American Trade Politics, 4th ed. Washington, D.C.: Institute for International Economics.Google Scholar
Destler, I. M. and Odell, John S.. 1987. Anti-protection: Changing Forces in United States Trade Politics. Washington, D.C.: Institute for International Economics.Google Scholar
Dicken, Peter. 2007. Global Shift: Mapping the Changing Contours of the World Economy. New York: Guilford Press.Google Scholar
Domhoff, G. William. 1990. The Power Elite and the State: How Policy Is Made in America. New York: Aldine de Gruyter.Google Scholar
Domhoff, G. William. 2006. Who Rules America? Power and Politics and Social Change. New York: McGraw-Hill.Google Scholar
Domhoff, G. William. 2013. The Myth of Liberal Ascendancy: Corporate Dominance from the Great Depression to the Great Recession. Boulder, CO: Paradigm Publishers.Google Scholar
Domhoff, G. William. 2014. “Is the Corporate Elite Fractured, or Is There Continuing Corporate Dominance? Two Contrasting Views.” Class, Race and Corporate Power 3(1).Google Scholar
Dreiling, Michael C. 2000. “The Class Embeddedness of Corporate Political Action: Leadership in Defense of the NAFTA.” Social Problems 47: 2148.Google Scholar
Dreiling, Michael C.. 2001. Solidarity and Contention: The Politics of Security and Sustainability in the NAFTA Conflict. New York: Garland Publishing.Google Scholar
Dreiling, Michael C. and Darves, Derek Y.. 2011. “Corporations in American Trade Policy: A Network Analysis of Corporate-Dyad Political Action.” American Journal of Sociology 116(5): 15141563.Google Scholar
Dreiling, Michael C. and Darves, Derek Y.. 2016. Agents of Neoliberal Globalization: Corporate Networks, State Structures, and Trade Policy. New York: Cambridge University Press.Google Scholar
Dreiling, Michael C. and Silvaggio, Tony. 2009. “NAFTA and Transnational Contention: A Decade of Alliance and Conflict over Neoliberalism” pp. 211230 in Ayres, Jeffrey and MacDonald, Laura (eds.) Contentious Politics in North America: National Protest and Transnational Collaboration under Continental Integration. New York: Palgrave.Google Scholar
Duina, Francesco. 2006. The Social Construction of Free Trade: The European Union, NAFTA, and MERCOSUR. Princeton, NJ: Princeton University Press.Google Scholar
Dumenil, Gérard and Lévy., Dominique 2004. Capital Resurgent: Roots of the Neoliberal Revolution. Cambridge, MA: Harvard University Press.Google Scholar
Dumenil, Gérard and Lévy, Dominique. 2011. The Crisis of Neoliberalism. Cambridge, MA: Harvard University Press.Google Scholar
Edsall, Thomas B. 1985. The New Politics of Inequality. New York: W. W. Norton.Google Scholar
Emergency Committee for American Trade (ECAT). 2003. “Statement of Emergency Committee for American Trade for Subcommittee on Trade House Committee on Ways and Means Hearing on Impact of Steel Section 201 Safeguard on Certain Steel Products,” April 9. Washington, D.C.: ECAT.Google Scholar
Emergency Committee for American Trade (ECAT). 2008. “About.” www.ecattrade.com/admissionsGoogle Scholar
Emergency Committee for American Trade (ECAT). 2011. Testimony of Calman Cohen, President of the Emergency Committee for American Trade (ECAT) Before the Subcommittee on Asia and the Pacific of the House Committee on Foreign Affairs, March 31.Google Scholar
Evans, Peter B. 1995. Embedded Autonomy: States and Industrial Transformation. Princeton, NJ: Princeton University Press.CrossRefGoogle Scholar
Fairbrother, Malcolm. 2007. “Making Neoliberalism Possible: The State’s Organization of Business Support for NAFTA in Mexico.” Politics & Society 35(2): 265300.Google Scholar
Fairbrother, Malcolm. 2014. “Economists, Capitalists, and the Making of Globalization: North American Free Trade in Comparative-Historical Perspective.” American Journal of Sociology 119(5): 13241379.Google Scholar
Fennema, Meindert 1982. International Networks of Banks and Industry. The Hague: Martinus Nijhoff Publishers.Google Scholar
Fligstein, Neil. 2001. The Architecture of Markets: An Economic Sociology of Twenty-First-Century Capitalist Societies. Princeton, NJ: Princeton University Press.CrossRefGoogle Scholar
Foster, John Bellamy and Magdoff, Fred. 2009. The Great Financial Crisis: Causes and Consequences. New York: Monthly Review Press.Google Scholar
Fourcade, Marion. 2006The Construction of a Global Profession: The Transnationalization of Economics.” American Journal of Sociology 112(1): 145195.CrossRefGoogle Scholar
Fraser, Nancy. 2017. “The End of Progressive Neoliberalism.” Dissent Magazine, January 2. https://bit.ly/2F4yL2EGoogle Scholar
Gill, Stephen. 1990. American Hegemony and the Trilateral Commission. New York: Cambridge University Press.Google Scholar
Haggard, Stephan. 1988. “The Institutional Foundations of Hegemony: Explaining the Reciprocal Trade Agreements Act of 1934.” International Organization 42: 91119.Google Scholar
Hall, Stuart. 1988. Hard Road to Renewal: Thatcherism and the Crisis of the Left. London: Verso.Google Scholar
Harvey, David. 1989. The Condition of Postmodernity: An Enquiry into the Origins of Cultural Change. Cambridge: Blackwell.Google Scholar
Harvey, David. 2005. A Brief History of Neoliberalism. Oxford: Oxford University Press.Google Scholar
Harvey, Neil. 1998. The Chiapas Rebellion: The Struggle for Land and Democracy. Durham, NC: Duke University Press.Google Scholar
Heemskerk, Elke, Fennema, M., and Carroll, William. 2016. “The Global Corporate Elite after the Financial Crisis: Evidence from the Transnational Network of Interlocking Directorates.” Global Networks 16: 6888.CrossRefGoogle Scholar
Hopewell, Kristen. 2016. Breaking the WTO: How Emerging Powers Disrupted the Neoliberal Project. Stanford, CA: Stanford University Press.Google Scholar
Howard, Michael C. and King, John E.. 2008. The Rise of Neoliberalism in Advanced Capitalist Economies: A Materialist Analysis. New York: Palgrave Macmillan.Google Scholar
Ikenberry, G. John, Lake, David A., and Mastanduno, Michael. 1988. “Approaches to Explaining American Foreign Economic Policy.” International Organization 42: 114.Google Scholar
Inoue, Hiroko. 2011. “The Rise of Neoliberalism in Advanced Capitalist Economies: A Materialist Analysis.” International Sociology 26: 237240.Google Scholar
Jones, Brendan. 1967. “Monetary Shifts Urged by Watson: Credit Expansion Called for at World Business.” New York Times, May 20: F43.Google Scholar
Jones, Brendan. 1968. “Business Group Seeks Free Trade.” New York Times, March 17: F10.Google Scholar
Kentor, Jeffery and Jang, Yong Suk. 2004. “Yes, There Is a (Growing) Transnational Business Community.” International Sociology 19: 355368.Google Scholar
Krippner, Greta R. 2005. “The Financialization of the American Economy.” Socio-Economic Review 3(2): 173208.Google Scholar
Krippner, Greta R.. 2011. Capitalizing on Crisis: The Political Origins of the Rise of Finance. Cambridge, MA: Harvard University Press.Google Scholar
Lachmann, Richard. 2014. The United States in Decline. Political Power and Social Theory, Volume 26. Bradford, UK: Emerald Group Publishing Limited.Google Scholar
Lindblom, Charles. 1977. Politics and Markets: The World’s Political Economic Systems. New York: Basic Books.Google Scholar
Lovett, William A., Eckes, Alfred E. Jr., and Brinkman, Richard L.. 1999. U.S. Trade Policy: History, Theory, and the WTO. Armonk, NY: M. E. Sharpe.Google Scholar
Lovett, William A., Eckes, Alfred E., Jr., and Brinkman, Richard L.. 2012. Development and Social Change: A Global Perspective, 5th ed. Los Angeles: SAGE.Google Scholar
McMichael, Philip. 2005. “Globalization” pp. 587606 in Janoski, Thomas, Alford, Robert, Hicks, Alexander, and Schwartz, Mildred A. (eds.) The Handbook of Political Sociology: States, Civil Societies, and Globalization. New York: Cambridge University Press.Google Scholar
McKeown, Tim J. 1984. “Firms and Tariff Regime Change: Explaining the Demand for Protection.” World Politics 36: 215233.Google Scholar
Milner, Helen. 1988. Resisting Protectionism: Global Industries and the Politics of International Trade. Princeton, NJ: Princeton University Press.CrossRefGoogle Scholar
Mintz, Beth and Schwartz, Michael. 1985. The Power Structure of American Business. Chicago: University of Chicago Press.Google Scholar
Mirowski, Phillip and Plehwe, Dieter (eds.). 2009. The Road from Mont Pèlerin: The Making of the Neoliberal Thought Collective. Cambridge, MA: Harvard University Press.Google Scholar
Mizruchi, Mark S. 1992. The Structure of Corporate Political Action: Interfirm Relations and Their Consequences. Cambridge, MA: Harvard University Press.Google Scholar
Mizruchi, Mark S.. 2004. “Berle and Means Revisited: The Governance and Power of Large U.S. Corporations.” Theory and Society 33: 579617.Google Scholar
Mizruchi, Mark S.. 2013. The Fracturing of the American Corporate Elite. Cambridge, MA: Harvard University Press.Google Scholar
Mudge, Stephanie Lee. 2008. “What Is Neo-liberalism?Socio-Economic Review 6: 703731.Google Scholar
Murray, Georgina and Scott, John (eds.). 2012. Financial Elites and Transnational Business: Who Rules the World? Cheltenham, UK: Edward Elgar.Google Scholar
Murray, Joshua. 2014. “Evidence of a Transnational Capitalist Class‐for‐itself: The Determinants of PAC Activity among Foreign Firms in the Global Fortune 500, 2000–2006.” Global Networks 14(2): 230250.Google Scholar
Murray, Joshua. 2017. “Interlock Globally, Act Domestically: Corporate Political Unity in the 21st Century 1.” American Journal of Sociology 122(6): 16171663.Google Scholar
Nollert, Michael. 2005. “Transnational Corporate Ties: A Synopsis of Theories and Empirical Findings.Journal of World Systems Research 11: 289314.Google Scholar
O’Connor, James. 1984. Accumulation Crisis. New York: Blackwell.Google Scholar
Panitch, Leo and Gindin, Sam. 2013. The Making of Global Capitalism: The Political Economy of American Empire. New York: Verso.Google Scholar
Peetz, David and Murray, Georgina. 2012. “The Financialization of Global Corporate Ownership” pp. 2653 in Murray, Georgina and Scott, John (eds.) Financial Elites and Transnational Business: Who Rules the World? Cheltenham, UK: Edward Elgar.Google Scholar
Peschek, Joseph. 1987. Policy-Planning Organizations: Elite Agenda and America’s Rightward Turn. Philadelphia: Temple University Press.Google Scholar
Pierce, Justin R. and Schott, Peter K.. 2012. “The Surprisingly Swift Decline of U.S. Manufacturing Employment.” National Bureau of Economic Research Working Paper No. 18655.CrossRefGoogle Scholar
Phillips-Fein, Kim. 2009. Invisible Hands: The Making of the Conservative Movement from the New Deal to Reagan. New York: W. W. Norton.Google Scholar
Piketty, Thomas and Goldhammer, Arthur. 2014. Capital in the Twenty-first Century. Cambridge, MA: Belknap Press of Harvard University Press.Google Scholar
Polanyi, Karl. 2001. The Great Transformation: The Political and Economic Origins of Our Time. Boston: Beacon Press. First published in 1944 by Beacon Books.Google Scholar
Prasad, Monica. 2006. The Politics of Free Markets: The Rise of Neoliberal Economic Policies in Britain, France, Germany and the United States. Chicago: University of Chicago Press.Google Scholar
Prechel, Harland. 2000. Big Business and the State: Historical Transitions and Corporate Transformations, 1880s–1990s. Albany: State University of New York Press.Google Scholar
Quark, Amy. 2011. “Transnational Governance as Contested Institution-Building: China, Merchants, and Contract Rules in the Cotton Trade.” Politics & Society 39: 339.Google Scholar
Robinson, William. 2004. A Theory of Global Capitalism: Production, Class, and State in a Transnational World. Baltimore, MD: Johns Hopkins University Press.Google Scholar
Rockefeller, David. 1963. “International Monetary Reform and the New York Banking Community” pp. 150159 in Grubel, Herbert G. (ed.) World Banking Reform: Plans and Issues. Stanford, CA: Stanford University Press.Google Scholar
Ruggie, John G. 1998. Constructing the World Polity: Essays on International Institutionalization. New York: Routledge.Google Scholar
Scott, John. 1997. Corporate Business and Capitalist Classes. Oxford: Oxford University Press.Google Scholar
Sklair, Leslie. 2001. The Transnational Capitalist Class. Oxford: Blackwell.Google Scholar
Smith, Jackie. 2010. Social Movements for Global Democracy, Themes in Global Social Change. Baltimore, MD: Johns Hopkins University Press.Google Scholar
Smith, Marc, Ceni, A., Milic-Frayling, N., et al. 2010. NodeXL: A Free and Open Network Overview, Discovery and Exploration Add-in for Excel 2007/2010/2013/2016, from the Social Media Research Foundation. www.smrfoundation.orgGoogle Scholar
Staples, Clifford L. 2006. “Board Interlocks and the Study of the Transnational Capitalist Class.” Journal of World Systems Research 12: 309319.Google Scholar
Staples, Clifford L.. 2007. “Board Globalization in the World’s Largest TNCs 1993–2005.” Corporate Governance: An International Journal 15: 311321.Google Scholar
Staples, Clifford L.. 2012. “The Business Roundtable and the Transnational Capitalist Class” pp. 100123 in Murray, Georgina and Scott, John (eds.) Financial Elites and Transnational Business: Who Rules the World? Cheltenham, UK: Edward Elgar.Google Scholar
Thacker, Strom C. 2000. Big Business, the State, and Free Trade: Constructing Coalitions in Mexico. New York: Cambridge University Press.Google Scholar
Useem, Michael. 1984. The Inner Circle: Large Corporations and the Rise of Business Political Activity in the U.S. and U.K. New York: Oxford University Press.Google Scholar
Vitali, Stefania, Glattfelder, James B., and Battiston, Stefano. 2011. “The Network of Global Corporate Control.” PLoS ONE 6(10): e25995. https://doi.org/10.1371/journal.pone.0025995Google Scholar
Vitali, Stefania and Battiston, Stefano. 2014. “The Community Structure of the Global Corporate Network.” PLoS ONE 9(8). https://doi.org/10.1371/journal.pone.0104655CrossRefGoogle ScholarPubMed
Wacquant, Loïc. 2009. Punishing the Poor: The Neoliberal Government of Social Insecurity. Durham, NC: Duke University Press.Google Scholar
Wilcke, Gerd. 1967. “Watson of I.B.M. Heads Group Opposing Import Quota Moves.” New York Times, November 16: 69, 78.Google Scholar
Woodall, Patrick, Wallach, Lori, Roach, Jessica, and Burnham, Katie. 2000. Purchasing Power: The Corporate–White House Alliance to Pass the China Trade Bill Over the Will of the American People. Washington, D.C.: Public Citizen.Google Scholar
Woods, Tim. 2003. “Capitalist Class Relations, the State, and New Deal Foreign Trade Policy.” Critical Sociology 29: 393418.Google Scholar
World Bank. 2017. World Development Indicators. World Bank National Accounts Data, and OECD National Accounts Data Files. https://bit.ly/2G6NXPoGoogle Scholar

Save book to Kindle

To save this book to your Kindle, first ensure coreplatform@cambridge.org is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.

Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

Available formats
×

Save book to Dropbox

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.

Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

Available formats
×