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Golden Rule: The Investment Theory of Party Competition and the Logic of Money-Driven Political Systems (American Politics and Political Economy Series) 1st Edition
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Of course, corporate interests vary and evolve. Capital-intensive corporations tend to invest in Democratic politicians. Labor-intensive corporations tend to invest in Republicans. That's because capital-intensive corporations can afford to sit in a party which also represent organized labor.Read more ›
During the New Deal era, Ferguson contends the Democratic party was controlled by capital intensive "free trade" multinational businesses vs the Republican party which was dominated partly by labor intensive "protectionist" industry.
Who were the multinational interests? (siding with Democrats) Major oil companies/ Rockefeller dominated banking e.g.,standard oil,chase manhatten. General Electric was also a major player.
Who were the labor intensive/protectionist interests? (Siding with Republicans)Textiles,Steel,Domestic oil producers and rubber manufacturers. Capital intensive Chemical industries led by Dupont lobbied for protection due to competition from Germany....Also JP Morgan due to interlocks with certian holding companies which partly separated Morgan Interests from Rockefeller financial interests.
A fascinating study! The capital intensive industries favored labor mediation/social welfare while the labor intensive industries lobbied against. Ferguson follows the paper trail which shows GE interests strongly influencing the creation of the national labor relations board while the Social security act was the brainchild of Rockeller interests. From ferguson's point of view, business reacted to class conflict by creating top down business oriented reforms in reaction to labor unrest.
Much more to Ferguson's research. I highly recommend this book. Don't let the copywrite fool you...Ferguson's work is a timeless classic and will be used as source for years to come.