Market-centered finance dissolved the cohesive corporate elite class.

Evidence

In a sense, a cohesive corporate elite was a casualty of the shift from relationshipbased businesses (such as commercial banking) to markets. Although this is most evident in the United States, similar effects are observable around the world. — Gerald F. Davis & Suntae Kim, Financialization of the Economy, 112

Categorization

• DEEPTHINKING: Provocative inversion: financialization is usually framed as elite consolidation, but Davis argues it fragmented the very class that once coordinated capitalism.
• XREF: connects to: Market-based finance eroded the network centrality of commercial bank boards. — Gerald F. Davis & Suntae Kim, Financialization of the Economy, 107; Bank consolidation and interlock collapse fractured American corporate elites’ political cohesion. — Gerald F. Davis & Suntae Kim, Financialization of the Economy, 107; Geographic dispersion of industry dissolved the physical base of class solidarity. — Anton Jäger, Hyperpolitics: Extreme Politicization…, 250

Related

• Bank consolidation and interlock collapse fractured American corporate elites’ political cohesion. (similarity 0.86)
• Market-based finance eroded the network centrality of commercial bank boards. (similarity 0.84)
• Financialization shifts capital intermediation from institutions to markets. (similarity 0.83)
• Financialization ultimately represents markets displacing social institutions as society’s organizing principle. (similarity 0.78)
• Financialization’s core is markets displacing institutions via information. (similarity 0.78)

Broader Connections

• Geographic dispersion of industry dissolved the physical base of class solidarity. #corroborates (0.80) — Anton Jäger, Hyperpolitics, 250