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Impacts on Economy

In the 1970s an organized set of policies promoted reduced taxes, especially for the wealthy, and a steady corrosion of the welfare safety net. Starting with legislation in the 1980s, the wealthy banking community successfully lobbied for reduced regulation. The wide range of financial and social capital accessible to the power elite gives their members heavy influence in economic and political decision making, allowing them to move toward attaining desired outcomes. Sociologist Christopher Doob gives a hypothetical alternative stating that these elite individuals would consider themselves the overseers of the national economy, appreciating that it is not only a moral but a practical necessity to focus beyond their group interests. Doing so would hopefully alleviate various destructive conditions affecting large numbers of less affluent citizens.

References

Jenkins, Craig; Eckert, Craig (2000). "The Right Turn in Economic Policy: Business Elites and the New Conservative Economics". Sociological Form. 15: 307–338. Retrieved 5 December 2012. Francis, David (2007). "Government Regulation Stages a Comeback". Christian Scientist Monitor: 14. Retrieved 5 December 2012.

Doob, Christopher (2013). Social Inequality and Social Stratification (1st ed. ed.). Boston: Pearson. p. 142. ISBN 0-205-79241-3. {{cite book}}: |edition= has extra text (help)

Christopher Doobs Perspective

In the book by Christopher Doob, titled Social Inequality and Social Stratification in the US society, he also explains the invisible empire and it’s elite control. Doob relates to the work by Perrucci and Wyong describing the widely ranged groups and organizations that are in charge of the activities viewed by the public eye. He relates that the media and politicians rarely provide the public with more than the basic minimum amount of information about these structures. Perrucci and Wyong directly describe the invisible empire as in a “privileged class leadership has crafted a far-flung and widely dispersed collection of resources, organizations, and process into a coherent political force that ensures the perpetuation of its interests.” Within the elite policy making process the super class has a four-part process for the fundings of these various groups. They are foundations, think tanks, universities and policy-making groups. All four of these organizations influence the interlocking directorates.

Social Inequality and Stratification

Citing Perrucci and Wysong, Christopher Doob explores the obscure networks and agencies that are embedded in policy-making processes. He explains that there is very little public awareness of the structures that buttress the superclass' social dominance. Foundations, think tanks, universities and policy-making groups are all heavily influenced by superclass initiatives, and are part of the "widely dispersed collection of resources, organizations, and process" that form "a coherent political force that ensures the perpetuation of its [the superclass'] interests."

Members of the invisible class empire are able to dominate social systems in that they both fund and function within the policy-making groups.The policy-making groups are the associations who prepare the imperative political and economic policies. There are three major groups: the Business Roundtable (BR), the Council on Foreign Relations (CFR) and the Committee for Economic Development (CED). All three groups are essential for leading “major corporations, banks, law firms, important government officials, and prominent people from universities, foundations and the mass media.”

References

Doob, Christopher (2013). Social Inequality and Social Stratification (1st ed. ed.). Boston: Pearson. p. 142. ISBN 0-205-79241-3. {{cite book}}: |edition= has extra text (help)