>On reading Galbraith (The New Industrial State) I wonder what people
>on this list regard as 'capitalism'. Galbraith said that 'the
>ownership of production' is not where economic power lies anymore
>(ie not with the shareholders or single entrepreneurs). Rather, he
>asserted it was with the 'technostructure' of large corporations
>(management).
That was sort of true of the 1950s and 1960s, when Galbraith was writing things like that, but no longer. Now, shareholders rule, and managers serve at their pleasure. I wrote a whole book more or less about this called Wall Street, but it'd be self-serving for me to say too much more than that.
Doug