Capital and the State in Canada: Critical Questions in Carroll's Finance Capitalists

Paul Stevenson


I read with interest William Carroll's "The Canadian Corporate Elite: Financiers or Finance Capitalists?" in SPE 8. My impressions of this work and of the evidence and arguments contained in it are as follows. First, I believe that Carroll offers a useful counterweight to the left-wing nationalist position which sees Canada's economy and state as being dominated by American multinationals. Indeed, Carroll's data suggest that even the more moderate position of Wallace Clement, who tends to see Canadian capital as a kind of junior partner within the American-dominated continental corporate capital structure, is in need of some reformulation. I Second, I believe, however, that Carroll goes too far beyond his data in concluding that the indigenous corporate elite in Canada has become the dominant fraction of capital in the country and that state actions accurately reflect this shift.

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Studies in Political Economy:
Online ISSN 1918-7033
Print ISSN 0707-8552