Internationalization of Capital 101 elevated to the position of guardians,while the technostructure performs the function of auxiliaries.The interests of the Rockefellers are no longer tied solely to Standard Oil,but their propensity to accumulate has not diminished now that they study economics and attend to the affairs of state as guardians in banking and government. Multinational Corporations and International Capital From this point of view,the national corporation abolished "private" property through collectivization and gave it a general social character as essentially the common capital of a class.The overriding interest of this class is not the war of each against each,but the common need of all to maintain the capitalist society,that is,the rights of property to income and the assurance of an adequate supply of labor to generate that income.Similarly,the multinational corporate system tends to abolish national capital and create a world system in which output is produced cooperatively to a greater degree than ever before,but control remains uneven;capitalists,as trustees of society,continue to pocket a good share of the proceeds. Without the multinational corporate system,the growth of American capital,and European and Japanese capital,would be thwarted by the growth of new capitals or new socialisms based on the increasing pro- ductivity of world labor.With the multinational corporate system,the interests of the I percent can be better preserved as they absorb and co-opt some of their potential creditors while crowding out others. The great pull of this system toward international class conscious- ness on the part of capital can be illustrated by the ambivalence of the successful industrial capitalist in underdeveloped countries.In the short run he may find it better to remain independent of international capital and continue his successful challenge,but his long-run interest often lies elsewhere.No matter how successful the family firm,it is faced with the problem of managerial succession and limited possibilities of obtaining capital for expansion as long as its shares are tightly held.In addition,there is the ever-present threat of nationalization.If this capi- talist allows himself to be taken over by a multinational corporation,he can solve most of these problems.In return for a profitable but inflexible investment in a national firm,he obtains shares of a multinational corpo- ration,traded on the world market,and guaranteed by all the forces that lie behind the international law of private property.He is no longer locked into his industry or his country;the viability of his concern is ensured by its connections to the multinational firm,and he can probably stay on and manage it.Furthermore,his need for Swiss bank accounts and other ways of escaping his own government is diminished because This content downloaded from 202.120.14.154 on Mon,04 Jan 2016 03:31:29 UTC All use subject to JSTOR Terms and ConditionsInternationalization of Capital 101 elevated to the position of guardians, while the technostructure performs the function of auxiliaries. The interests of the Rockefellers are no longer tied solely to Standard Oil, but their propensity to accumulate has not diminished now that they study economics and attend to the affairs of state as guardians in banking and government. Multinational Corporations and International Capital From this point of view, the national corporation abolished "private" property through collectivization and gave it a general social character as essentially the common capital of a class. The overriding interest of this class is not the war of each against each, but the common need of all to maintain the capitalist society, that is, the rights of property to income and the assurance of an adequate supply of labor to generate that income. Similarly, the multinational corporate system tends to abolish national capital and create a world system in which output is produced cooperatively to a greater degree than ever before, but control remains uneven; capitalists, as trustees of society, continue to pocket a good share of the proceeds. Without the multinational corporate system, the growth of American capital, and European and Japanese capital, would be thwarted by the growth of new capitals or new socialisms based on the increasing pro￾ductivity of world labor. With the multinational corporate system, the interests of the 1 percent can be better preserved as they absorb and co-opt some of their potential creditors while crowding out others. The great pull of this system toward international class conscious￾ness on the part of capital can be illustrated by the ambivalence of the successful industrial capitalist in underdeveloped countries. In the short run he may find it better to remain independent of international capital and continue his successful challenge, but his long-run interest often lies elsewhere. No matter how successful the family firm, it is faced with the problem of managerial succession and limited possibilities of obtaining capital for expansion as long as its shares are tightly held. In addition, there is the ever-present threat of nationalization. If this capi￾talist allows himself to be taken over by a multinational corporation, he can solve most of these problems. In return for a profitable but inflexible investment in a national firm, he obtains shares of a multinational corpo￾ration, traded on the world market, and guaranteed by all the forces that lie behind the international law of private property. He is no longer locked into his industry or his country; the viability of his concern is ensured by its connections to the multinational firm, and he can probably stay on and manage it. Furthermore, his need for Swiss bank accounts and other ways of escaping his own government is diminished because This content downloaded from 202.120.14.154 on Mon, 04 Jan 2016 03:31:29 UTC All use subject to JSTOR Terms and Conditions