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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

by Thomas Ferguson (Author)
4.4 4.4 out of 5 stars 25 ratings
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"To discover who rules, follow the gold." This is the argument of Golden Rule, a provocative, pungent history of modern American politics. Although the role big money plays in defining political outcomes has long been obvious to ordinary Americans, most pundits and scholars have virtually dismissed this assumption. Even in light of skyrocketing campaign costs, the belief that major financial interests primarily determine who parties nominate and where they stand on the issues—that, in effect, Democrats and Republicans are merely the left and right wings of the "Property Party"—has been ignored by most political scientists. Offering evidence ranging from the nineteenth century to the 1994 mid-term elections, Golden Rule shows that voters are "right on the money."

Thomas Ferguson breaks completely with traditional voter centered accounts of party politics. In its place he outlines an "investment approach," in which powerful investors, not unorganized voters, dominate campaigns and elections. Because businesses "invest" in political parties and their candidates, changes in industrial structures—between large firms and sectors—can alter the agenda of party politics and the shape of public policy.

Golden Rule presents revised versions of widely read essays in which Ferguson advanced and tested his theory, including his seminal study of the role played by capital intensive multinationals and international financiers in the New Deal. The chapter "Studies in Money Driven Politics" brings this aspect of American politics into better focus, along with other studies of Federal Reserve policy making and campaign finance in the 1936 election. Ferguson analyzes how a changing world economy and other social developments broke up the New Deal system in our own time, through careful studies of the 1988 and 1992 elections. The essay on 1992 contains an extended analysis of the emergence of the Clinton coalition and Ross Perot's dramatic independent insurgency. A postscript on the 1994 elections demonstrates the controlling impact of money on several key campaigns.

This controversial work by a theorist of money and politics in the U.S. relates to issues in campaign finance reform, PACs, policymaking, public financing, and how today's elections work.
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  1. ISBN-10
    0226243176
  2. ISBN-13
    978-0226243177
  3. Edition
    1st
  4. Publisher
    University of Chicago Press
  5. Publication date
    June 15, 1995
  6. Part of series
    American Politics and Political Economy
  7. Language
    English
  8. Dimensions
    9.17 x 6.25 x 1.25 inches
  9. Print length
    440 pages
  10. See all details
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Product details

  • Publisher ‏ : ‎ University of Chicago Press; 1st edition (June 15, 1995)
  • Language ‏ : ‎ English
  • Paperback ‏ : ‎ 440 pages
  • ISBN-10 ‏ : ‎ 0226243176
  • ISBN-13 ‏ : ‎ 978-0226243177
  • Item Weight ‏ : ‎ 1.2 pounds
  • Dimensions ‏ : ‎ 9.17 x 6.25 x 1.25 inches
  • Customer Reviews:
    4.4 4.4 out of 5 stars 25 ratings

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Thomas Ferguson

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  • ATLCustomer
    5.0 out of 5 stars Five Stars
    Reviewed in the United States on May 24, 2017
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    I'm fully satisfied.
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  • Rodolfo
    5.0 out of 5 stars Democracy, Capitalism & the State
    Reviewed in the United States on December 28, 2010
    The central foundational principle of the capitalist nation-state is that it is a reflection of its economic constituencies. Those who own and control the means of production shape the state in the form that they desire. This truism - that money runs politics - is the central argument of Thomas Ferguson's "Golden Rule." He begins by asking what are political parties? They are organizations composed of blocs of major investors who come together to advance favored candidates in order to control the state. They do this through direct cash contributions and by providing organizational support through the making available of sources of contacts, fundraisers and institutional legitimation. Candidates are invested in like stocks. For them electoral success is dependent on establishing the broadest base of elite support. Candidates whom have best *internalized* investor values see their "portfolios" grow exponentially at the expense of candidates who have not internalized these values. So what you have is a filtering system in which only the most indoctrinated and business friendly of the intellectual class advance to state power. The higher you go up the ladder the more you've appealed to elite interests. Representatives of the major investors are also often chosen to fill political appointments after a favored candidate has achieved office. This political-economic model helps explain why the state largely functions to serve elite business interests on the domestic and international stages.

    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. The AFL-CIO rarely poses a threat to Wall Street; and vice-versa. So what would we expect from a system like this? One thing we would expect is that on issues which the public cares about but on which there is cross-party investor agreement no party competition will take place. That means that the issues the public is most interested in will not appear on the agenda. The polls have been pretty consistent on this point. Major public interest revolves around issues having to do with trade agreements, in favor of a single-payer health care system, increased spending for education, slashing the Pentagon budget and many other issues. At times the population has been able to organize successfully and force popular issues onto the agenda despite business opposition.

    Ferguson details how the growth, development and fall of major industries correspond to the growth, development, and fall of their political parties. He examines the rise and fall of five major investment bloc party systems - the Federalist vs. Jeffersonian, the Jacksonian, the Civil War party system, the system of 1896 and the New Deal. The latter is dealt with in much detail, while the final chapters also study the elections of 1988 and 1992. The book, while highly informative, is not without its flaws. Ferguson's prose is obtuse and very, very dry. The charts are helpful but the ideas could have been presented in a more compact form. Regardless of these reservations, this book is very important for an understanding of how our political system functions and deserves a large audience, discussion and action.

    Also recommended: Right Turn: The Decline of the Democrats and the Future of American Politics
    52 people found this helpful
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  • Payton H.
    4.0 out of 5 stars Golden Rule (8/5)
    Reviewed in the United States on August 5, 2016
    Verified Purchase
    Golden Rule was a very interesting read. If you are really interested in how policy is influenced by big money this is your book. It shows, since this countries inception , the shifting alliances within the business sector (s). It shows how globalization has amplified the complexities of the alliances between domestic and international partnerships. The sobering side is how the common man is left out of the major influencing of policy due to.....money!! Good read.........but could be depressing or motivating in regards to the maintenance of our democracy!!!!
    6 people found this helpful
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  • J Gwinn
    5.0 out of 5 stars Stands mainstream political science on its head.
    Reviewed in the United States on June 11, 2009
    Thomas Ferguson argues the US two party system functions as a mediator between conflicting business interests. Through case studies (primarily the New Deal era) Ferguson persuasively backs his argument.

    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.
    39 people found this helpful
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  • M. Swanson
    5.0 out of 5 stars This is one of the most important political science books ...
    Reviewed in the United States on November 27, 2016
    This is one of the most important political science books written about the American political system ever. And it's a key to understanding how politics works today and why critical political realignments happened in the past.
    5 people found this helpful
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  • Justin Lawson
    5.0 out of 5 stars it must be good, no
    Reviewed in the United States on May 18, 2016
    If Noam Chomsky mentions it to support his lecture(s), it must be good, no?
    11 people found this helpful
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  • Michael Wolff
    5.0 out of 5 stars Five Stars
    Reviewed in the United Kingdom on March 13, 2018
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    excellent
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