[Marxism] Fwd: Against Liberal Nostalgia | Jacobin

Louis Proyect lnp3 at panix.com
Sat Dec 10 07:19:15 MST 2016

By the New Deal period, the US state was strong enough to intervene to 
reduce bank power within corporate governance systems, empowering 
internal managers instead. Amid the most severe capitalist crisis to 
date and intense class upheaval, Roosevelt established the Business 
Advisory Council by executive order. Made up of top executives from the 
nation’s largest firms and funded by corporate donations, the BAC became 
a valuable tool to organize support for the massive deficit spending and 
institutional expansion Roosevelt deemed necessary (even though he found 
the body “useless from the point of view of facts and policies”).

The need to produce war material led the state to deepen coordination 
with the largest manufacturing firms, administered by the War Production 
Board and later the Office of Defense Mobilization. General Electric CEO 
Charles Wilson (or “Electric Charlie”) became so powerful in his 
position at the head of the ODM that the press referred to him as the 


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