The New Finance Capital: Corporate Governance, Financial Power, and the State
Bibliographic record
Abstract
We argue that a new form of finance capital has been consolidated in the United States since the 2008 crisis—defined as a fusion of financial and industrial capital. In this regime, financiers have become more entrenched in the governance of nonfinancial corporations while, reciprocally, industrial firm managers have increasingly become financiers. Indeed, this fusion has taken place on two interconnected levels: (1) within the nonfinancial corporation itself, and (2) between the nonfinancial corporation and the financial sector. Internal diversification and internationalization over the postwar era led to the reorganization of the industrial corporation as a financial group, managing not concrete production processes, but portfolios of financial assets. This was reinforced by the increasing power of outside investors over the neoliberal period. However, new forms of financial organization that emerged after 2008 produced tighter and more direct linkages between external financiers and the nonfinancial corporation, constituting the new finance capital.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.001 | 0.001 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.001 | 0.001 |
| Science and technology studies | 0.001 | 0.013 |
| Scholarly communication | 0.004 | 0.005 |
| Open science | 0.000 | 0.002 |
| Research integrity | 0.001 | 0.001 |
| Insufficient payload (model declined to judge) | 0.002 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".