Economic power is political power. We spoke with Peter Phillips, author of Titans of Capital, about how the capitalist class is subverting democracy and controlling the lives of billions through massive investments in everything from food to war.
itans of Capital: How Concentrated Wealth Threatens Humanity, the upcoming book from Peter Phillips, professor of sociology at Sonoma State University, explores the influence of the “titans” — the board members of the top ten investment management firms who control nearly $50 trillion in assets. In conversation with Jacobin’s David Moscrop, Phillips explains how these 117 corporate overlords wield unparalleled economic and political power, shaping global policies and deepening economic inequalities. They exploit crises like global warming and rising food prices, using institutions like the World Economic Forum (WEF) to promote their interests.
Despite their immense power, they remain wary of mass politics and social movements, recognizing the potential for resistance from below.
Beware the Titans
DAVID MOSCROP
Who are the titans, and what makes them titans?
PETER PHILLIPS
The titans are a kind of working sociological category, representing the board of directors of the top ten investment management companies in the world: BlackRock, Vanguard, UBS, Fidelity, State Street, Morgan Stanley, JPMorgan Chase, Amundi in France, Allianz SE in Germany, and Capital Group.
I chose ten companies to create a manageable sample size, resulting in 117 people whom I call “titans.” These are the most powerful people in the world — they decide where almost $50 trillion worth of capital is going to be invested.
That wealth controlled by these 117 people is unprecedented. When I wrote my book Giants five years ago, it was already staggering, but it has since more than doubled. So it’s quite a transformation.
DAVID MOSCROP
Economic power is political power. Political power can be used to reinforce and grow economic power, and vice versa. How do the titans manage this process of using their political power to boost their economic power and their economic power to boost their political power?
PETER PHILLIPS
It’s not that they have direct political power. The US government, military, and intelligence agencies are designed to protect the vital interests of the United States and global capital. While they do accommodate the needs of the Titans and may have direct communication with them, it’s not like they stake direct marching orders. It is more a matter of influence.
The titans participate in a number of policy groups, the Atlantic Council being one of the most powerful. At least half of them go to Davos every year, further extending their reach into corridors of power. Ultimately, capitalist governments are structured to protect capital, which is why the wealth of the titans continues to increase.
https://jacobin.com/2024/08/finance-titans-democracy-climate-davos