The Resurgence of Financial Control: Fact or Fancy?

A long three-part article by Robert Fitch and Mary Oppenheimer on "Who Rules the Corporations?" in Socialist Revolution (vol. 1, nos. 4, 5, 6) purports to demonstrate that giant U.S. corporations are controlled by banks and other financial institutions. In order to support this thesis, Fitch and Oppenheimer (henceforth FO but it seems evident that F&O regard the three of us not as isolated cases but as representatives of a significant theoretical trend which can seriously mislead the American Left. Under the circumstances a detailed reply seems called for.This article can also be found at the Monthly Review website, where most recent articles are published in full.Click here to purchase a PDF version of this article at the Monthly Review website.