InfoSource: Corporatocracy

ꕤ Info/Ref SOURCE as marked Summary - Wikipedia Source Corporatocracy refer to an economic & political system controlled by corporations and/or corporate interests esp USA Economist Jeffrey Sachs described USA as Corporatocracy in book:  The Price of Civilisation 1. weak national parties 2. strong political reps of individual districts (eg large US military establishment post WWII) 3. big corporate money financing election campaigns 4. GLOBALISATION tilting balance AWAY FROM WORKERS aka 'the Power Elite' (C Wright Mills) -- wealthy individuals who hold prominent positions -- control process of determining society's economic & political policies Corporatocracy criticised re: bank bailouts excessive pay for CEO complains re exploitation of national treasuries people natural resources Referred to by critics of: globalisation World Bank (unfair lending practices) free trade agreements Edmund Phelps 2006 Nobel Memorial Prize in Economic Sciences Political Economy prof. at Columbia University since 1982 director of Columbia's 'Centre on Capitalism and Society' b. Illinois education: Amherst College,  Massachusetts second best liberal arts college in USA Amherst member of the Five College Consortium BA Amherst 1955 Yale University, Ph.D. 1959 under Nobel Prize winners: James Tobin & Thomas Schelling & ors Strongly influenced by:  William Fellner & Hnery Wallich --> economist for RAND Corporation --> returned to academic work in favour of macroeconomics research interest pursuit 2006 -  Phelps awarded Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel Royal Swedish Academy of Sciences:     Phelps work: "deepened our understanding of the relation between short-run and long-run effects of economic policy." 2008:  Chevalier of France's Legion of Honor 2008:  Global Economy Prize of Kiel Institute for the World Economy 2010:  appointed Dean of Newhuadu Business School     at Minjiang University in Fuzhou, China -- 2010 analysis -- cause of income inequality is not free market capitalism -- cause:  rise of Corporatism -- antithesis of free market capitalism -- semi monopolistic orgs & banks -- big employer confederations -- acting w/ complicit state institutions -- to BLOCK natural workings of free economy -- result:  consolidation of economic power & wealth -- attrition of entrepreneurial & free market dynamism Edmund Phelps refers to power-sharing b/w govt & large corporations financial services healthcare energy (regulation) corporate lobbying expansion & campaign support for govt reciprocity growth of [Corporatocracy] influence in sectors: financial banking merger & acquisition increased consolidation increased potential corporate / govt corruption & malfeasance dampening small business / entrepreneurial leading to stagnant economic conditions numerous details of academic & research info PRIMARY SOURCE https://en.wikipedia.org/wiki/Edmund_Phelps ---------------------- ꕤ ---------------------- COMMENT Could probably do with some more look-ups on this subject, but I'm running out of steam as I've spent quite some time looking up a host of things that have brought me here. Might set aside further look-ups for time being. ꕤ