Economic power is political power. We spoke with Peter Phillips, author of Titans of Capital, about how the capitalist class is subverting democracy and controlling the lives of billions through massive investments in everything from food to war.
Titans of Capital: How Concentrated Wealth Threatens Humanity, the upcoming book from Peter Phillips, professor of sociology at Sonoma State University, explores the influence of the “titans” — the board members of the top ten investment management firms who control nearly $50 trillion in assets. In conversation with Jacobin’s David Moscrop, Phillips explains how these 117 corporate overlords wield unparalleled economic and political power, shaping global policies and deepening economic inequalities. They exploit crises like global warming and rising food prices, using institutions like the World Economic Forum (WEF) to promote their interests.
Despite their immense power, they remain wary of mass politics and social movements, recognizing the potential for resistance from below.
Beware the Titans
David Moscrop
Who are the titans, and what makes them titans?
Peter Phillips
The titans are a kind of working sociological category, representing the board of directors of the top ten investment management companies in the world: BlackRock, Vanguard, UBS, Fidelity, State Street, Morgan Stanley, JPMorgan Chase, Amundi in France, Allianz SE in Germany, and Capital Group.
I chose ten companies to create a manageable sample size, resulting in 117 people whom I call “titans.” These are the most powerful people in the world — they decide where almost $50 trillion worth of capital is going to be…
La suite est à lire sur: jacobin.com
Auteur: Peter Phillips
