Political Resources and Direct State Intervention: The Adoption of Public Venture Capital Programs in the American States, 1974–1990

Discussions of policy formation have reached an impasse with accumulating support for rival theories. We address this impasse by advancing a "political resource" theory that synthesizes class-, state-centered, neocorporatist and institutional ideas to explain policy formation in advanced c...

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Published in:Social forces 1998-06, Vol.76 (4), p.1323-1345
Main Authors: Leicht, Kevin T., Jenkins, J. Craig
Format: Article
Language:English
Subjects:
Capital formation
CAPITALISM
Community Development
Corporatism
Deindustrialization
Democracy
Economic development
Economic Policy
Economic resources
Energy resources
Entrepreneurship
Federal intervention
Federal states
Globalization
Government
Government intervention
Industrialization
Intervention
Intervention (Federal government)
INTERVENTIONISM (MILITARY, POLITICAL, AND/OR ECONOMIC INTERFERENCE BY A SOVEREIGN STATE OR AN INTERNATIONAL AGENCY IN THE AFFAIRS OF ANOTHER SOVEREIGN STATE)
Investment
Legislatures
Manufacturing Industry
Policy Formation
Policy making
Political aspects
Political theory
Politics
Public Finance
Public investment
Public Sector Private Sector Relations
Sociology
Sociology of organizations and enterprises. Bureaucracy and administration
Sociology of work and sociology of organizations
State Government
State Intervention
States (Political Subdivisions)
Treaties
U.S.A
United States
United States of America
UNITED STATES, 1945 TO PRESENT
USA
Venture capital
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Jenkins, J. Craig
description Discussions of policy formation have reached an impasse with accumulating support for rival theories. We address this impasse by advancing a "political resource" theory that synthesizes class-, state-centered, neocorporatist and institutional ideas to explain policy formation in advanced capitalist democracies. Political institutions constitute infrastructural resources that condition the instrumental resources of class actors and channel the effects of class mobilization. Capitalists have systemic power by virtue of the state's dependence on private capital accumulation. We use this theory to explain the direct economic intervention of state governments in the U.S. in creating public venture capital programs in the 1970s and 1980s. An event history analysis shows that the adoption of these programs was shaped by a mesocorporatist "pact" combining capital/labor peak association bargaining with administrative capacities, structural dependence on corporate profits and manufacturing industry, professionalized state legislatures pressured by deindustrialization and the loss of instrumental resources due to declining Federal transfers to state governments. In an era of globalization and economic restructuring, the subnational state has become a centerpoint for industrial policy innovations in pluralistic states like the U.S.
doi_str_mv 10.1093/sf/76.4.1323
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Abstracts (ASSIA)</collection><jtitle>Social forces</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Leicht, Kevin T.</au><au>Jenkins, J. Craig</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Political Resources and Direct State Intervention: The Adoption of Public Venture Capital Programs in the American States, 1974–1990</atitle><jtitle>Social forces</jtitle><stitle>Social Forces</stitle><addtitle>Social Forces</addtitle><date>1998-06-01</date><risdate>1998</risdate><volume>76</volume><issue>4</issue><spage>1323</spage><epage>1345</epage><pages>1323-1345</pages><issn>0037-7732</issn><eissn>1534-7605</eissn><coden>SOFOAP</coden><abstract>Discussions of policy formation have reached an impasse with accumulating support for rival theories. We address this impasse by advancing a "political resource" theory that synthesizes class-, state-centered, neocorporatist and institutional ideas to explain policy formation in advanced capitalist democracies. Political institutions constitute infrastructural resources that condition the instrumental resources of class actors and channel the effects of class mobilization. Capitalists have systemic power by virtue of the state's dependence on private capital accumulation. We use this theory to explain the direct economic intervention of state governments in the U.S. in creating public venture capital programs in the 1970s and 1980s. An event history analysis shows that the adoption of these programs was shaped by a mesocorporatist "pact" combining capital/labor peak association bargaining with administrative capacities, structural dependence on corporate profits and manufacturing industry, professionalized state legislatures pressured by deindustrialization and the loss of instrumental resources due to declining Federal transfers to state governments. In an era of globalization and economic restructuring, the subnational state has become a centerpoint for industrial policy innovations in pluralistic states like the U.S.</abstract><cop>Chapel Hill, NC</cop><pub>The University of North Carolina Press</pub><doi>10.1093/sf/76.4.1323</doi><tpages>23</tpages></addata></record>
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1534-7605
language eng
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subjects Capital formation
CAPITALISM
Community Development
Corporatism
Deindustrialization
Democracy
Economic development
Economic Policy
Economic resources
Energy resources
Entrepreneurship
Federal intervention
Federal states
Globalization
Government
Government intervention
Industrialization
Intervention
Intervention (Federal government)
INTERVENTIONISM (MILITARY, POLITICAL, AND/OR ECONOMIC INTERFERENCE BY A SOVEREIGN STATE OR AN INTERNATIONAL AGENCY IN THE AFFAIRS OF ANOTHER SOVEREIGN STATE)
Investment
Legislatures
Manufacturing Industry
Policy Formation
Policy making
Political aspects
Political theory
Politics
Public Finance
Public investment
Public Sector Private Sector Relations
Sociology
Sociology of organizations and enterprises. Bureaucracy and administration
Sociology of work and sociology of organizations
State Government
State Intervention
States (Political Subdivisions)
Treaties
U.S.A
United States
United States of America
UNITED STATES, 1945 TO PRESENT
USA
Venture capital
title Political Resources and Direct State Intervention: The Adoption of Public Venture Capital Programs in the American States, 1974–1990
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