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Finance and fossil capital: A community divided?
The Extractive Industries and Society ( IF 3.808 ) Pub Date : 2021-01-07 , DOI: 10.1016/j.exis.2020.11.016
Mark Hudson , Evan Bowness

One of the most obvious, but perhaps academically overlooked, communities engaging in the politics of extraction in Canada is the “business community.” While some attention has been paid to the political influence of the Canadian fossil fuel industry—particularly through the work of the Corporate Mapping Project—less has been paid to the broader network of capitalists, through which a political community might arise. Adopting a Poulantzian view of the state as a social relation, this paper explores the degree to which such a community exists in opposition to aggressive climate policy in the Canadian context. This research focuses on the extent to which fossil and financial capitalists form a cohesive network, capable of sharing perspectives and preferences on climate change and the future of oil and gas extraction, and mobilizing collectively to pursue them. The paper draws on a network analysis of connections (shared ownership, lending, and director interlocks) between and within major fossil-fuel based corporations and major financial corporations in Canada, in order to see whether or not relational ties across the sectors are sparse or dense, and whether they are broadly diffused across companies or concentrated among a few key players. The resulting analysis shows that fossil capital is structurally tied to finance, and the sectors are joined through lending, holdings and directorships, with some financial institutions playing more important structural positions within the network than others. As activists are already targeting financial institutions as part of their ongoing resistance efforts against fossil extraction and financial corporations, the findings from this study suggest continued social movement pressure and we provide some finer grained suggestions for which actors to target. The current conjuncture indicates that policy pathways to zero emissions will in part depend on breaking the load bearing joints in the fossil-finance capital network.



中文翻译:

金融和化石资本:社区分裂了吗?

在加拿大从事剥夺政治的最明显但也许在学术上却被忽视的社区之一是“商业社区”。尽管已经对加拿大化石燃料行业的政治影响力给予了某些关注,特别是通过“公司制图项目”的工作,但对可能形成政治共同体的更广泛的资本家网络却鲜有关注。本文采用普兰兹式的国家作为社会关系的观点,探讨了在加拿大背景下这种社区与激进的气候政策对立的程度。这项研究的重点是化石和金融资本家在多大程度上形成凝聚力的网络,能够就气候变化以及石油和天然气开采的未来分享观点和偏好,并集体动员起来追求他们。本文利用网络分析法对加拿大主要的以化石燃料为基础的公司与主要金融公司之间以及内部的联系(共享所有权,贷款和董事互锁)进行分析,以了解各部门之间的关系是否稀疏或相互联系。密度,以及它们是广泛散布在公司中还是集中在几个主要参与者之间。分析结果表明,化石资本在结构上与金融息息相关,并且通过贷款,持股和董事职位将这些部门结合在一起,其中一些金融机构在网络中的地位比其他机构更重要。由于维权人士已经将金融机构作为目标,作为他们对化石开采和金融公司的持续抵抗努力的一部分,这项研究的发现表明社会运动压力持续存在,我们针对目标对象提供了更细化的建议。当前的情况表明,零排放的政策途径将部分取决于打破化石金融资本网络中的承压关节。

更新日期:2021-02-17
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