Capitalist class is a tiny elite; workers owning stock, so what ?

Charles Brown CharlesB at cncl.ci.detroit.mi.us
Thu Jan 10 14:21:00 PST 2002


Capitalist class is a tiny elite; workers owning stock, so what ?

I may have misunderstood your sense of "ultimate beneficiary" below. To the extent that the ultimate beneficiaries are the "many" with small amounts of shares, they are part of the "many" I refer to in the rest of what I say.

Doug: Most stock is held by institutional investors - pension funds and mutual funds. Are the portfolio managers the capitalists then? But they're just the hired agents of the fund managers. The fund managers are the hired agents of the ultimate beneficiaries. It's the Wall Street branch of Empire, where power doesn't reside at a known address.

%%%%%%%

CB: Seems to me what you term "ultimate beneficiaries" are the financial oligarchs or a major fraction of today's big capitalists. I wouldn't be adverse to including very powerful fund managers in that ruling class.



More information about the lbo-talk mailing list