William G. Roy

The Vesting of Interests and the Determinants of Political Power: Size, Network Structure, and Mobilization of American Industries, 1886-1905

The issue addressed is, What does a social group need to gain political power? Empirical, historical, historical analysis is utilized to explore the relative saliency of three determinants of political power to explain variation in power as defined conceptually and operationally independent from its determinants. The determinants are magnitude, the extent to which the group is tied into economic, political, and social networks, and the degree of mobilization. The aspect of power investigated is the vesting of economic interests, that is, the extent to which the interests of an actor are taken into account by the government in its routine operation. Regression analysis is used to assess the relative explanatory power of the magnitude, network relations, and degree of mobilization of 12 industries on the vesting of economic interests in the U.S. Department of State in the period 1886-1905. Results show that the different components have different explanatory value under varying conditions, depending on the type of interest that is vested. When the State Department was discussing export-related matters the value of exports was the best predictor of vesting, with mobilization having a secondary impact. However, the effect of network relations was notably weak, contrary to predictions of the power-elite perspective. The conclusion stresses the contingent nature of the determinants of political power.

Book ReviewsCity of Capital: Politics and Markets in the English Financial Revolution. By Bruce G. Carruthers. Princeton, N J. Princeton University Press, 1996. Pp. xiv+303.

cerning the meaning of “restraint of trade” in the Sherman Act, a matter of enduring relevance for understanding the legal foundations of the corporate order precisely because it concerned the momentous question of how, and in whose interest, industry would be governed. All things considered, however, Socializing Capital is a significant scholarly work, rich in detail, that makes important contributions to the historical study of corporate power.