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It’s True, Bankers Really Do Control the World: Study
WINTERTHUR, Switzerland - Here’s a gift to Occupy Wall Street protesters around the world: you now have scholarly proof that banks control the world.
The study says the United States takes home first prize with 24 companies cracking the list of the top 50 most powerful global firms. (STAN HONDA/AFP/GETTY IMAGES)
Researchers at the Swiss Federal Institute of Technology Zurich, also known as ETH, have published a paper that argues just 147 companies account for a large chunk of the total economic value of all the transnational companies around the world. No exact dollar figures, but it’s obviously a vast sum.
Among the top 50 corporations, 45 operate within the financial industry. Barclays PLC is the most powerful, according to the ETH study, followed by such well-known names as JPMorgan Chase & Co., UBS AG, and Merrill Lynch & Co., Inc.
The United States takes home first prize with 24 companies cracking the researchers’ top 50 list, followed by the U.K. with 8, France with 5, Japan with 4, and Germany, Switzerland and the Netherlands tying with 2 companies each. Canada has one company in the researchers’ top 50: Sun Life Financial, Inc. secures the 35th spot.
The research shows “a large portion of control flows to a small tightly-knit core of financial institutions,” authors Stefania Vitali, James Glattfelder and Stefano Battiston wrote in their study entitled: The network of global corporate control.
“This core can be seen as an economic 'super-entity' that raises new important issues both for researchers and policy makers.”
While the authors note that many in the worlds of academia and the media already believe the world’s economy is run by a small number of companies, there was no actual data to back it up. So they set out to study the elaborate ownership structures of 43,060 transnational companies, eventually uncovering more than one million ownership ties within that network.
The authors believe this level of control among a small number of players has a significant impact on the world’s economic health. The 147 companies in the “core” control 40 per cent of the total economic value of all transnational corporations.
“The top ranked actors hold a control ten times bigger than what could be expected based on their wealth,” the authors noted.
The intense interconnection and concentration of power weakens market competition as players form blocs, according to the study. There’s another drawback to those close links, particularly among the banks: when one runs into problems its woes spread quickly to the others.
Critics say the study doesn’t take into account that fund managers don’t always choose to control a company’s strategy via their investment, among other complaints.
Nevertheless, the study is sure to warm the hearts of Wall Street protestors camping out on these cold fall days.



111 Comments so far
Show AllYou mustn't ever been outside the USA.
Very few want to "get in", aside from the destitute people in the star-pupil capitalist countries to our south. Please do some travelling and see how much more popular other industrial countries are for immigration - start with Canada.
When I first started in civil engineering a probably half my colleagues were Arab, Persian or South Asian. There are almost none now. They have all gone home, or moved to Europe or Canada. And from the condition of our infrastructure compared to other industrial countries and the incompetence seen in the engineering plans I review, it sure shows.
Really, i guess you never checked out the US diversity visa (aka Green Card lottery). FYI, for 2011 there were 12 million entrants including some from your favourite countries: 30,000 from Venezuela, 19k from Cuba, 60k from Germany, 2000 each from Norway and Denmark, 6000 from Sweden.
Canada is really popular because their requirements are very lax. To immigrate to Canada you can just show up at the embassy, apply and get a certain score based on education, age etc. It does not work the same way for the US.
---"...we all know how that experiment ended..."
The experiment went pretty well.
They were a third world serfdom under a brutal Czar, followed by continuous savage war from the west - the brutal western White Russian Proxy-War, then devestation and slaughter by the Nazi Monsters.
Then from the ashes of this destruction, they created an advanced technological society where everyone had food, a home and a job and put the first man in orbital space in just 14 years - and in spite of a continuing economic and covert war on them from the west!
Was there harsh and unacceptable suppression of civil liberties? Did they suffer through a reign of a ruthless dictator from 1925 to 1953? Yes. But that kind of thing happens in ANY country which is subjected to unrelenting war the way the Russans/Soviets were.
Actually it was more like until the late eighties. And no, the experiment was a total failure. It was government oppression at it's worst from day 1.
I don't usually lose it but when i see the kind of of crap you just wrote it make me wanna grab a flamethrower... are you for real?
One reason Marxism-Leninism has easily turned into dictatorships is pressure and attacks, militarily and otherwise, from surrounding and opposing capitalist countries.
How can novel, good cooperative forms among people develop in peace when those people are constantly threatened by war and annihilation (as experiment) whenever they demonstrate any vulnerability? A: They can't. At least so far. - That's a major conondrum for any alternative social system developing under the knowledge of capitalism and capitalists feeling threatened by the example.
The capitalist West just won't let viable alternatives be established anywhere in the world, if they can prevent it in any way - and most often violently. And, of course, experimenting with different sorts of organized rule and determining which approaches don't work and which do while being threatened by the surrounding capitalist world is close to impossible.
Do recall: from 1914 to 1940, Russia/USSR was invaded no less than 3 times (WWI, "Allied" invasion 1919-1922, WWII) by the capitalist West. That's once about every 8 years. - No wonder Stalin after 1924 went a bit overboard on control-issues...
(Disclaimer: In spite of the expressed understanding, this poster is not a Marxist-Leninist. Far from it: as far from it as anarchism is... :-)
Ummmm, no. It turned into a dictatorship because in order to implement the Marxist-Leninist doctrine everyone has to be part of it. Turns out a lot of people don't like the concept of "what is mine is mine what is yours is also mine" unless they are part of the party leadership so they had to be eliminated. Didn't work out as there were too many that just didn't wanna die or go away.
But you don't really care about logical accuracy, do you, when you've found a contrived and false dichotomy to use to denigrate 'communism' with a cheap cliché - just as you've been indoctrinated to, right?
It omits pp. 62 and 63; I don't know why.
* http://www.carrollquigley.net/pdf/Tragedy_and_Hope.pdf
Is it not OK to critisize someone if they are Jewish? Not because they are Jewish but because they are fascists and warmongers?
Is it not ok to call out israel for their governing model of apartheid?
Why turn everything into supposed crime against Jewish people?
When you critize the USA gov can we call you a white hater?
http://en.wikipedia.org/wiki/Crime_of_apartheid