Governance of Market Societies - Doc
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Added on 2021-06-14
Governance of Market Societies - Doc
Added on 2021-06-14
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Running head: GOVERNANCE F MARKET SOCIETIESGovernance of Market SocietiesName of the Student:Name of the University:Author’s Note:
1GOVERNANCE OF MARKETING SOCIETIESIntroductionThe concept of power has been a topic of much discussion since the ancient times andit is a reflection of this that several researches have been conducted in this particular field soas study the real nature of this particular concept (Quinney & Shelden, 2018). In particularthe question “who wields the actual power in the society or in any particular nation” has alsocaptured the attention of the people in the present times (Quinney & Shelden, 2018).Furthermore, this particular question can be seen as a reflection of not only the changingnature of the concept of power in the present day society but also the way this particularconcept is utilized by the various individuals as well as the business organizations of thepresent times “to bring about the overall growth as well as the development of their entirebusiness process” (Murray & Scott, 2012). It is here that the book “Who rules America? TheTriumph of the corporate Rich” of the author “Domhoff William” published in the year 2013gains special prominence. This paper will try to conduct a critical review of this particularbook as per the “the guideline of Australian National University (ANU) document”.“Who rules America? The Triumph of the corporate Rich”“Domhoff William” in his famous book “Who rules America? The Triumph of thecorporate Rich” provides an overview of the extent to which the society of the nation of theUnited States of America is being ruled by the various elites as well as wealthy section of thatparticular nation (William, 2013). Furthermore, the book at the same time challenges the“class and corporate dominance, which shapes political environment in America” (William,2013). In the opinion of the author, although the nation of the United States of Americaclaims to be a socialist one yet the economy of the nation is being regulated on the basis ofthe concept of capitalism and thus the entire power as well as the wealth of the nation is beingcontrolled by only a handful of the people of the nation and it is a reflection of this that not all
2GOVERNANCE OF MARKETING SOCIETIESthe people of the nation gets equal amount of economic and other opportunities just like theother nations of the world (William, 2013). In the opinion of the author, in this particularcontext the dictum of the Preamble of the Constitution of the United States of America whichstates that “We the People of the United States, in Order to form a more perfect Union,establish Justice, insure domestic Tranquility, provide for the common defence, promote thegeneral Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordainand establish this Constitution for the United States of America” becomes total façade(Baltzell, 2018). In the opinion of the author,“For years, elites in America have shieldedpower through foundations, academic departments, commissions, and think tanks” (William,2013). Additionally, he “proves that elites in America control power and economy throughovert means and not through covert influence” (William, 2013).The author also takes the help of various kinds of statistics to drive home the pointmade by him in the initial part of his book. The most significant statistics which he takes thehelp of his book are “as of 2010, 35.4% of wealth held in private was controlled by only 1%of the upper class. On the other hand, 53.5% of wealth held in private was controlled by only19%. Thus, 20% controlled the 89% of privately held wealth, leaving only 11% to be sharedamong the bottom 80%. Again, considering financial wealth, the top one percent had a biggershare of 42.1%, leaving only 57.9% of financial wealth to 99%” (William, 2013).Furthermore, he also states that the “the top 1% controls 62.4% of business equity, 64.4% offinancial securities, and 35% of stock held in private. On the other hand, the next 9% controls30.5% of business equity, 29.5% of financial securities, and 45.8% of stock held in private.Lastly, the bottom 90% controls 8.1% of business equity, 6.1% of financial securities, and19.2% of stock held in private. Notably, top 10% have 84% to 94% of business equity,stocks, trust funds, bonds, and nearly 80% of non-home real estate” (William, 2013). Thus, itbecomes apparent that a handful of the people of the nation, that is, less than 10% population
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