Bankers rule the world. A new Swiss Federal Institute of Technology study says so. Written by Stefania Vitali, James Glattfelder and Stefano Battiston, it's titled "The network of global corporate control," saying:
"We find that transnational corporations from a giant bow-tie structure and that a large portion of control flows to a small tightly-knit core of financial institutions. This core can be seen as an economic 'super-entity' that raises new important issues both for researches and policy makers."
The study says 147 powerful companies control an inordinate amount of economic activity - about 40%. Among the top 50, 45 are financial firms. They include Barclays PLC (called most influential), JPMorgan Chase, UBS, and other familiar and less known names.
Twenty-four companies are US-based, followed by eight in Britain, five in France, four in Japan, and Germany, Switzerland, and the Netherlands with two each. Canada has one.
Moreover, "top ranked" companies "hold a control ten times bigger than what could be expected based on their wealth."
As a result, they have enormous influence over political, financial, and economic activity.
In his book titled, "When Corporations Rule the World," David Korten said they're able to transfer enormous amounts of power, wealth and resources from public to private hands with government complicity. Money power and concentrated wealth in few hands especially harm humanity.
"These forces have transformed" financial institutions and other corporate predators "into instruments of a market tyranny that is extending its reach across the planet like a cancer, colonizing ever more of the planet's living spaces, destroying livelihoods, displacing people, rendering democratic institutions impotent, and feeding on life in an insatiable quest for money" and profits as a be and end all.
Only bottom line priorities and market dominance matter, not human welfare, environmental sanity, peace, equity and justice.
Transnational giants are the dominant institution of our time - especially financial ones with money power control of everything.
They decide who governs and how, who serves on courts, what laws are enacted, and whether or not wars are waged. Corporate dominance, especially financial power, and democratic values are incompatible.
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