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′A welcome and timely addition to a growing field of academic and general interest ... [it] will undoubtedly come to occupy a regular and prominent place on booklists in higher and further education through the 1990s.′ David Coates, University of Leeds
′A challenging and very readableaccount.′ THES
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Politically, this power bloc controls the State in order to guarantee the legal framework of property, company and commercial law, on which business activities depend and to pursue economic policies which are supportive of private profit and capital accumulation.
Key players in the moulding of these values are the Oxbridge colleges and the public schools from which the students are recruited for leading political and industrial / banking positions.
Historically, the capitalist business class achieved in the beginning of the 20th century full fusion as banking and industry fused to form finance capital. From the 1930s finance capital came increasingly to be organized around institutional and impersonal share ownership, dominated by an inner circle of finance capitalists which espoused the City point of view: short term commercialism with a commitment to free international capital flows, stable sterling exchange rates and tight monetary controls.
And the Labour Party governments?
For John Scott, the Labour Party has governed, not ruled. Even less has it altered the pattern of class political dominance.
More, the actual Labour Prime Minister is an offspring of the public school system.
Nevertheless, he remarks that the economic development and welfare policies in the 20th century have not resulted in an unambiguous maximization of the advantages accruing to the capitalist class. The latter has, in all probability, seen a relative decline in the level of its income and wealth. This retribution may well be seen as a necessary concession to other classes whose electoral and other support is necessary if the capitalist class is to maintain its general economic dominance.
This book is an excellent analysis of Britain's power structure.
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