And, just as important, the heroic work of Michael Milken smashed the technostructure
, facilitating the productivity revolution of the early 1990s.
In the planning system, the economy of the large corporation, the power is possessed by the technostructure
" (ibid., 99).
He introduced the concept of technostructure
: that is, a new class of technical and professional personnel as a social stratum, which was previously, and more narrowly, conceived by Thorstein Veblen.
(He complained, for instance, not about the fact of President Richard Nixon's wage and price controls, but that they were not properly implemented.) His analysis of the "technostructure
" backed him into an unchanging, top-down view of the economy.
With its technostructure
controlling energy questions, the state gradually becomes master of them ...
Noting the emergence of a "technostructure
" of informational elites, he speaks of a "widening gap between masses and powers" and of a society in which authoritarianism does not manifest itself as outright oppression, because it doesn't need to.
Innovation in this approach comes from the 'technostructure
' of the large corporations that form the planning system of capitalist economies and which guides economic development.
These are the tasks of the Technostructure
: the network of professionals who actually run organizations.
The large proportion of value added, however, is still created in the United States by the service sector of Galbraith's "technostructure
." In short, a new and awesome hegemonic capitalism is being invented in front of our eyes, complete with its own ideology of liberty, supremacy of individual choice, and free markets--to which today's Republican Party is the happy and uncontested midwife.
Stockholder rebellion among large corporations was "so rare that it can be ignored." Galbraith's corporation was run by a "technostructure
" of suits and geeks largely insulated from financial pressures.
The machine bureaucracy had a large support staff, technostructure
, and operating core.
Just as "[l]oss can destroy the technostructure
; high revenues accrue to others," id.