Abstract
[T]he main sources of the resistance to change ... are to be found in the structure of privilege inherent in all societies. [R. Heilbroner, The Limits of American Capitalism, New York: Harper & Row, 1965, p. 70.]
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Reference
A. Marshall, Principles of Economics, 8th Ed., London: Macmillan, 1923, p. 92.
For a good description of mercantilist controls, see P. W. Buck, The Politics of Mercantilism, New York: Octagon, 1964.
Diverse papers on the subject of political economy have been published. Among them are: (1) P. W. Barkley, “A Contemporary Political Economy of Family Farming,” American Journal of Agricultural Economics, December 1976, pp. 812–819; (2) G. P. Shultz, “Reflections on Political Economy,” Challenge,March-April 1974, p. 6–11; and (3) O. L. Graham, Jr., “The Future of the U. S. Political Economy,” Increasing Understanding of Public Problems and Policies, Chicago: Farm Foundation, 1976, pp. 1–13.
For example, in 1987 the median income for someone with less than eight years of schooling was $18,718, but $50,908 with more than four years of college. (Statistical Abstract of the U.S., 1989, p. 447.)
See D. Garson, Group Theories of Politics, Beverly Hills: Sage, 1978, p. 207.
K. M. Dolbeare and P. Dolbeare, American Ideologies, Chicago: Markham, 1974, pp. 53–4.
T. R. Dye and L. H. Zeigler, The Irony of Democracy, 3rd Ed., North Scituate: Duxbury, 1975, pp. 255–257.
L. H. Zeigler and W. Peak, Interest Groups in American Society, 2nd ed., New York: Prentice-Hall, 1972, pp. 133–155.
For an excellent discussion of the “Jeffersonian ideal,” see: J. S. Bain, Industrial Organization,New York: Wiley, 1968, pp. 35–38.
The share of all income taxes (and of all government receipts) paid by corporations has been decreasing steadily since 1950.
M. Olson, The Logic of Collective Action, Cambridge: Harvard University Press, 1965. [An interesting example of this principle has been discussed by M. Friedman, ‘The Public Be Damned,“ Newsweek, August 5, 1968.]
Dye and Zeigler, op. cit.
See M. Parenti, Democracy for the Few, New York: St. Martin’s, 1974; and Dye and Zeigler, op. cit.
See C. R. McConnell and S. L. Brue, Microeconomics, New York: McGraw-Hill, 1990, pp. 356–57.
Two excellent accounts of deliberate, formal, calculated political influence by both business and labor can be found in: (1) D. M. Ogden, Jr., “How National Policy is Made,” Increasing Understanding of Public Problems; Mode and Policies, Chicago: Farm Foundation, 1971, pp. 510, and (2) C. Wilcox, Public Policies Toward Business, Homewood: Irwin, 1966, pp. 7–12.
In 1970, families with incomes less than $8,000 paid higher composite tax rates as a percent of income than families receiving between $10,000 and $25,000 income. See R. A. Herriot and H. P. Miller, “The Taxes We Pay,” Conference Board Record, May 1971, p. 40. This general relation still exits today. See E. K. Browning and W. R. Johnson, The Distribution of the Tax Burden, Washington, D.C.: American Enterprise Institute; and J. A. Peckman, Who Paid the Taxes: 1966–1985, Washington, D.C.: Brookings, 1985.
CBS Nightly News, April 1977.
This connection was well-elucidated by J. K. Galbraith. See his The New Industrial State,Boston: Houghton Mifflin, 1968, pp. 13–17.
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Peterson, R.D. (1991). Modern American Capitalism. In: Political Economy and American Capitalism. Springer, Dordrecht. https://doi.org/10.1007/978-94-011-3874-1_9
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