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Evidence of a transnational capitalist class‐for‐itself: the determinants of PAC activity among foreign firms in the Global Fortune 500, 2000–2006
Author(s) -
MURRAY JOSHUA
Publication year - 2014
Publication title -
global networks
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.685
H-Index - 65
eISSN - 1471-0374
pISSN - 1470-2266
DOI - 10.1111/glob.12037
Subject(s) - subsidiary , globalization , politics , interlock , class (philosophy) , class action , business , market economy , political economy , economic system , economics , international trade , political science , multinational corporation , finance , law , state (computer science) , electrical engineering , artificial intelligence , computer science , engineering , algorithm
Transnational capitalist class (TCC) theory is rooted in the claim that the globalization of the economy has led to a globalization of economic interests and of class formation. However, systematic evidence linking the indicators of transnational class formation with political behaviour is largely missing. In this article, I combine data on board of director interlocks among the 500 largest business firms in the world between 2000 and 2006 with data on the political donations to US elections of foreign corporations via the corporate political action committees (PACs) of their subsidiaries, divisions or affiliates. Controlling for the various interests of individual firms, I find that foreign firms that are highly central in the transnational intercorporate network contribute more money to US elections than do the less central foreign firms. Given prior research on board of director interlocks, this finding suggests that a segment of the transnational business community has emerged as a class‐for‐itself.