Financial Elites and Transnational Business

Financial Elites and Transnational Business

Who Rules the World?

Edited by Georgina Murray and John Scott

Several expert contributors focus on global issues, including the role of transnational finance, interlocking directorates, ownership and tax havens. Others examine how these issues at the global level interact with the regional or nation state level in the US, the UK, China, Australia and Mexico. The books scrutinizes globalization from a fresh, holistic perspective, examining the relationship between the national and transnational to uncover the most significant structures and agents of power. Possible policy futures are also considered.

Chapter 6: Transnational Business Networks in the Eurozone: A Focus on Four Major Stock Exchange Indices

François-Xavier Dudouet, Eric Grémont and Antoine Vion

Subjects: business and management, international business, economics and finance, political economy, politics and public policy, international politics, political economy, public policy


François-Xavier Dudouet, Eric Grémont and Antoine Vion Europe has been characterized for years by strategies in favor of an integrated market, which finally led to a common monetary union with the setting up of the Eurozone (Fligstein and Mara-Drita 1996; Jabko 2006; Fligstein 2008). The economic and financial dynamics of this zone have remained mainly a matter of financial studies, which means things are analyzed in terms of flows rather than through a structural approach to intercorporate relations (Mizruchi and Schwartz 1987). Network analysis, and especially interlocking directorate studies within this field (see Chapter 1), have for a long time been a fruitful way to measure the social embeddedness of business life. This has been done through two major traditions: comparative studies of national business communities or classes, and research about the potential emergence of a transnational capitalist class. On the comparative studies of national business elites (Stokman et al. 1985; Scott 1986, 1997; Windolf 2002), first, we have stressed profiles of national business classes that are highly differentiated in terms of density, and characterized by diverse forms of dependence on States’ institutions. National corporate networks are more or less characterized by strong intersectoral structures, with cores that may be strong (Germany, France) or weak (Great Britain), which should be linked to the persistence of different traditions. This observation converges with the ones made in Varieties of Capitalism by Peter A. Hall and David Soskice (2001). A prior question we discuss in this chapter is the way to...

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