Landlords & Capitalists. The Dominant Class of Chile

316 Pages·1988·41.368 MB·English

by  Maurice Zeitlin and Richard Earl Ratcliff

LANDLORDS 8: CAPITALISTS

Landlords 59° Capitalists
THE DOMINANT CLASS OF CHILE
by
MAURICB ZEITLIN AND
RICHARD EARL RATCLIFF
PRINCETON, NEWJERSEY
PRINCETON UNIVERSITY PRESS
1988
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CONTENTS
LIST (JF TABLES ix
LIST OF FIGURES XV ii
PREFACE xix
ACKNOWLEDGMENTS xxiii
INTRODUCTIONS Inside the Dominant Class 3
Intraclass Relutiorw 4
ChiZ4z's Social Contours 12
1. Corpora1.e Ownership and Control: The Large Corporation
and the Capitalist Class 15
of
The Concentration Capital 19
The Dzkpersion of Oumestship 24
Tea; of Control 50
Pyramiding 34
Control of the Top 37 Corporation 36
Irntercovjaorofe Control 41
The "Kinefznn (»rou[2" 51
A Prntadigwzfor Investigating Corporate Control 55
APPEN rx A: Sources and Methods 60
AP PE N D I X B: Controlling Interests in the Osiernsibly Management-
Controlled CorpczraZirzns 63
2. "New Princes" for Old? 76
"B wrecauc,TaLs" and "(,r.LpI.€alist.s" 77
7`ke Pnhcipal Owners of Capital 86
Capimi, Kinship, and Class 88
Kinship Ana@szis 92
All in the l"ami@ 95
The "Inner (1 rmunp" 100
Conclusion 104
3. Finance Capital 108
The Coxrztending Theories log
The Big Banks 116
The FMatzce Clapiralisiv 125
Wealth, Capital, Kinship, and Bureaucracy 129
(vii)
viii CONTENTS
The Inner Group and the Finance Capitahlsts 132
Bank Control O?" Finance Capital ? 134
Conclusion 138
A P P E N D I x: Contarolling IfrateresN inn the Leading (.-commercial Banks 141
4. Landlords and Capitalists 146
of
T/zern'ie_v beveiopment 147
Quantitative Analysis and Histnnfcnl Specei£y 151
The Landlords 155
Bankers, Corporate Executives, and Landowners 158
The 'Maxiiniim Kiirtship Group" 161
The "Central Core" of the Dominant Class 164
A P P E N D I x: Refining the List and Rfinkifigs of ntiie Top Landowners 183
5. Land, Capital, and Political Hegemony 186
Class Segments and State Policy 187
Agrarian Production Relations and Political Power' go
LandownenNip and the Pofiticai Family 195
The Landed Gapitalists 201
The "Coalesced Bourgeoisie" 205
6. The Ties That Bind 215
of
The Question glare 'National Bourgeoisie" 215
The Alliance r,fNationol and Ffmreigrz Capitalisms 222
Foreign Stock ownenship in the lop 37 Nonfinancial Corporations 229
The: Coalescence ofn a¢iona,l and Foreign Capitol 234
Foreign Corporations and Intraclass Relations 237
Political I-Iegemony and Foreign Capital 244
EPILOGUF.: The Color of the Rose 252
REFERENCES 259
INDEX 285
LIST OF TABLES
I .1 Distribution of the Top 193 Firms in Chile and Their Assets in
Major Industrial Categories, 1966 2 1
1.2 Distribution of the Top 1 l 1 Manufacturing Firms in Chile and
Their Asse\.s in Various Sectors, 1966
1.3 The Top 37 Nonfinancial Corporations in Chile, Classified by
Types of Control, in Accordance with Berle-Means Definitions
and Procedures, 1 g64/66 40
1-4 The Top Nonfinancial Corporations in Chile (1964/66), the
United States (1929), Great Britain (1936), and Australia (1955),
Classifed by Types of "Ultimate" Control, in Accordance with
Berle-Means Definitions and Procedures (%) 41
1-5 Control of the Top 37 Nonfinancial Corporations in Chile,
1964/66 46
1.6 Descriptions of the Controlling Proprietary Interests in the
Ostensibly Management-Controlled Top 37 Corporations in
Chile, 1964/66 63
2. 1 Distribution of the Top Nonfinancial Corporations in the United
States (1939 and 1975) and Chile (1964/66), According to the
Percentage of Common Stock Owned by Management 83
2.2 Percentage of Higher Executives of the Top 37 Noniinandal
Corporations in Chile Who Are in a Principal Capital-Owning
Family, 1g64/66 97
2.3 Percentage of Higher Executives of the Top 37 Nonfinancial
Corporations in Chile Who Have a Specified Number of Close,
Principal (lapital~()wning Relatives, 1964/66 98
2.4 Percentage of Higher Executives of the Top 37 Nonfinancial
Corporations in Chile Who Own Stock of Specified Market
Worth, by the Number of Top-37 Management Seats Held,
1964/66 104
2~5 Percentage of Higher Executives of the Top 37 Nonfinancial
Corporations in Chile Whose Families Own Stock of Specified
Market Worth, by the Number ofTop-37 Management Seats
Held, 1964/66 1 0 J
2.6 Percentage of Higher Executives of the Top 37 Nonfinancial
Corporations in Chile Who Are in a Principal Capital-Owning
Family, by the Number ofTop-37 Management Seats Held,
1964/66 106
2 1 Percentage of Higher Executives of the Top 37 Nonfinancial
Corporations in Chile Who Have a Spediied Number of Close,
Principal Capital-Owning Relatives, by the Number of Top-37
Management Seats Held, 1964/66 106
(ix)