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This comment is in response to Frederic L. Pryor (2000). "The Millennium Survey: How Economists View the U.S. Economy in the 21st Century."The American Journal of Economics and Sociology. 59 (January), pp. 3‐33.

A comparative historical analysis of the formation of the electrical manufacturing industry in the US during 1878-1896, drawing on secondary data. It is found, contrary to Alfred Chandler's & Thomas Hughes's (see, respectively: The Visible Hand: The Managerial Revolution in American Business, Cambridge: Harvard U Press, 1977; & Networks of Power: Electrification in Western Society 1880-1930, Baltimore: Johns Hopkins U Press, 1983) efficiency-based explanations of industry formation, that financiers used their control over the flow of capital to overcome prolonged resistance by inventor/entrepreneurs & to influence technocratic development consistent with their interests. Implications for modern theories of bank-firm relations are discussed. 42 References. Adapted from the source document.

This paper analyzes the creation of state government-regulated electric utilities in the United States before 1915. Analyzing how class actors reactively mobilized power, created policy, and directly and indirectly influenced states to create a class-biased regulatory structure and undermine public ownership, I argue the need for a modified instrumentalist theory of the state, which I call the theory of instrumental class power. The study demonstrates that class power: (1) can be created outside of the state; (2) is a reaction to class challenge and not necessarily an attempt to rationalize the economy; and (3) can be exercised at various levels of the U.S. federalist state system.

This paper illustrates various applications of the BIS international banking statistics. We first compare international bank flows to measures of real activity and liquidity and show that the international banking system is becoming a more important conduit for the transfer of capital across countries. We then use network analysis tools to construct a bird's eye view of the structure of the international banking market and to identify key financial hubs. Linking this information with balance of payments statistics helps to better understand the role of banks in the financing of current account flows, for example the recycling of petrodollars and Asian surpluses. Finally, the paper illustrates how the BIS statistics can be used to analyse internationally active banks' foreign exposures to credit risk and, thus, spot vulnerabilities in the international banking market