<html><body><div style="color:#000; background-color:#fff; font-family:times new roman, new york, times, serif;font-size:12pt"><div style="RIGHT: auto"><SPAN style="RIGHT: auto">This is no sur<VAR id=yui-ie-cursor></VAR>prise, but it is good to share the post.</SPAN></div>
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<div style="RIGHT: auto"><SPAN style="RIGHT: auto">RS.</SPAN></div>
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<DIV style="BORDER-BOTTOM: #ccc 1px solid; BORDER-LEFT: #ccc 1px solid; PADDING-BOTTOM: 0px; LINE-HEIGHT: 0; MARGIN: 5px 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; HEIGHT: 0px; FONT-SIZE: 0px; BORDER-TOP: #ccc 1px solid; BORDER-RIGHT: #ccc 1px solid; PADDING-TOP: 0px" class=hr contentEditable=false readonly="true"></DIV><B><SPAN style="FONT-WEIGHT: bold">From:</SPAN></B> Dante-Gabryell Monson <dante.monson@gmail.com><BR><B><SPAN style="FONT-WEIGHT: bold">To:</SPAN></B> econowmix@googlegroups.com; p2p-foundation <p2p-foundation@lists.ourproject.org>; gtmonnaie@gtmonnaie.be<BR><B><SPAN style="FONT-WEIGHT: bold">Sent:</SPAN></B> Wednesday, 19 October 2011, 23:37<BR><B><SPAN style="FONT-WEIGHT: bold">Subject:</SPAN></B> [P2P-F] scientific study : "a few bankers control a large chunk of the global economy"<BR></FONT><BR>
<DIV id=yiv1154594223><SPAN style="BACKGROUND-COLOR: rgb(255,255,255); FONT-FAMILY: arial, sans-serif; FONT-SIZE: 13px" class=yiv1154594223Apple-style-span><A href="http://www.newscientist.com/article/mg21228354.500-revealed--the-capitalist-network-that-runs-the-world.html" rel=nofollow target=_blank>http://www.newscientist.com/article/mg21228354.500-revealed--the-capitalist-network-that-runs-the-world.html</A></SPAN>
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<DIV><FONT class=yiv1154594223Apple-style-span face="arial, sans-serif">( found via "The Next Edge" <A href="http://www.facebook.com/groups/120497731371323" rel=nofollow target=_blank>http://www.facebook.com/groups/120497731371323</A> - thanks ! )<BR></FONT>
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<DIV><SPAN style="BACKGROUND-COLOR: rgb(255,255,255); FONT-FAMILY: arial, sans-serif; FONT-SIZE: 13px" class=yiv1154594223Apple-style-span>
<div style="PADDING-BOTTOM: 0px; LINE-HEIGHT: 18px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px 20px 20px 10px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; FONT-SIZE: 1em; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px" class=yiv1154594223infuse>AS PROTESTS against financial power <A style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: rgb(0,117,154); BORDER-LEFT-WIDTH: 0px; TEXT-DECORATION: none; PADDING-TOP: 0px" href="http://edition.cnn.com/2011/10/15/world/occupy-goes-global/?hpt=wo_t3" rel=nofollow target=_blank>sweep the world</A> this week, science may have confirmed the protesters' worst fears. <A style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: rgb(0,117,154); BORDER-LEFT-WIDTH: 0px;
TEXT-DECORATION: none; PADDING-TOP: 0px" href="http://arxiv.org/PS_cache/arxiv/pdf/1107/1107.5728v2.pdf" rel=nofollow target=_blank>An analysis</A> of the relationships between 43,000 transnational corporations has identified <A style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: rgb(0,117,154); BORDER-LEFT-WIDTH: 0px; TEXT-DECORATION: none; PADDING-TOP: 0px" href="http://www.newscientist.com/article/mg21228354.500-revealed--the-capitalist-network-that-runs-the-world.html#bx283545B1" rel=nofollow target=_blank>a relatively small group of companies</A>, mainly banks, with disproportionate power over the global economy.</div></SPAN><SPAN style="BACKGROUND-COLOR: rgb(255,255,255); FONT-FAMILY: arial, sans-serif; FONT-SIZE: 13px" class=yiv1154594223Apple-style-span><IMG style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px 0px
5px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px" title="The 1318 transnational corporations that form the core of the economy. Superconnected companies are red, very connected companies are yellow. The size of the dot represents revenue <i>(Image: </i>PLoS One<i>)</i>" alt="The 1318 transnational corporations that form the core of the economy. Superconnected companies are red, very connected companies are yellow. The size of the dot represents revenue <i>(Image: </i>PLoS One<i>)</i>" src="http://www.newscientist.com/data/images/ns/cms/mg21228354.500/mg21228354.500-3_600.jpg" width=300>
<div style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 5px 0px 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: rgb(167,167,167); FONT-SIZE: 1em; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px" class=yiv1154594223lowlight>The 1318 transnational corporations that form the core of the economy. Superconnected companies are red, very connected companies are yellow. The size of the dot represents revenue <I style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">(Image: </I>PLoS One<I style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">)</I></div>
<div style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 5px 0px 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: rgb(167,167,167); FONT-SIZE: 1em; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px" class=yiv1154594223lowlight><I style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px"><BR></I></div></SPAN></DIV>
<DIV><SPAN style="BACKGROUND-COLOR: rgb(255,255,255); FONT-FAMILY: arial, sans-serif; FONT-SIZE: 13px" class=yiv1154594223Apple-style-span>
<div style="PADDING-BOTTOM: 0px; LINE-HEIGHT: 18px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px 20px 20px 10px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; FONT-SIZE: 1em; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px" class=yiv1154594223infuse>The study's assumptions have attracted some criticism, but complex systems analysts contacted by <I style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">New Scientist</I> say it is a unique effort to untangle control in the global economy. Pushing the analysis further, they say, could help to identify ways of making global capitalism more stable.</div>
<div style="PADDING-BOTTOM: 0px; LINE-HEIGHT: 18px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px 20px 20px 10px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; FONT-SIZE: 1em; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px" class=yiv1154594223infuse>The idea that a few bankers control a large chunk of the global economy might not seem like news to New York's <A style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: rgb(0,117,154); BORDER-LEFT-WIDTH: 0px; TEXT-DECORATION: none; PADDING-TOP: 0px" href="http://occupywallst.org/forum/proposed-list-of-demands-please-help-editadd-so-th/" rel=nofollow target=_blank>Occupy Wall Street</A> movement and protesters elsewhere. But the study, by a trio of complex systems theorists at the Swiss Federal Institute of Technology in Zurich, is the first to go beyond ideology to
empirically identify such a network of power. It combines the mathematics long used to model natural systems with comprehensive corporate data to map ownership among the world's transnational corporations (TNCs).</div>
<div style="PADDING-BOTTOM: 0px; LINE-HEIGHT: 18px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px 20px 20px 10px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; FONT-SIZE: 1em; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px" class=yiv1154594223infuse>"Reality is so complex, we must move away from dogma, whether it's conspiracy theories or free-market," says <A style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: rgb(0,117,154); BORDER-LEFT-WIDTH: 0px; TEXT-DECORATION: none; PADDING-TOP: 0px" href="http://www.sg.ethz.ch/people/formercoll/jglattfelder" rel=nofollow target=_blank>James Glattfelder</A>. "Our analysis is reality-based."</div>
<div style="PADDING-BOTTOM: 0px; LINE-HEIGHT: 18px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px 20px 20px 10px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; FONT-SIZE: 1em; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px" class=yiv1154594223infuse>Previous studies have found that a few TNCs own large chunks of the world's economy, but they included only a limited number of companies and omitted indirect ownerships, so could not say how this affected the global economy - whether it made it more or less stable, for instance.</div>
<div style="PADDING-BOTTOM: 0px; LINE-HEIGHT: 18px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px 20px 20px 10px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; FONT-SIZE: 1em; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px" class=yiv1154594223infuse>The Zurich team can. From <A style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: rgb(0,117,154); BORDER-LEFT-WIDTH: 0px; TEXT-DECORATION: none; PADDING-TOP: 0px" href="http://www.bvdinfo.com/Products/Company-Information/International/Orbis" rel=nofollow target=_blank>Orbis 2007</A>, a database listing 37 million companies and investors worldwide, they pulled out all 43,060 TNCs and the share ownerships linking them. Then they constructed a model of which companies controlled others through shareholding networks, coupled with each company's operating revenues, to map the
structure of economic power.</div>
<div style="PADDING-BOTTOM: 0px; LINE-HEIGHT: 18px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px 20px 20px 10px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; FONT-SIZE: 1em; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px" class=yiv1154594223infuse>The work, to be published in <I style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">PloS One</I>, revealed a core of 1318 companies with interlocking ownerships (see image). Each of the 1318 had ties to two or more other companies, and on average they were connected to 20. What's more, although they represented 20 per cent of global operating revenues, the 1318 appeared to collectively own through their shares the majority of the world's large blue chip and manufacturing firms - the "real" economy - representing a further 60 per cent of
global revenues.</div>
<div style="PADDING-BOTTOM: 0px; LINE-HEIGHT: 18px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px 20px 20px 10px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; FONT-SIZE: 1em; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px" class=yiv1154594223infuse>When the team further untangled the web of ownership, it found much of it tracked back to a "super-entity" of 147 even more tightly knit companies - all of their ownership was held by other members of the super-entity - that controlled 40 per cent of the total wealth in the network. "In effect, less than 1 per cent of the companies were able to control 40 per cent of the entire network," says Glattfelder. Most were financial institutions. The top 20 included Barclays Bank, JPMorgan Chase & Co, and The Goldman Sachs Group.</div>
<div style="PADDING-BOTTOM: 0px; LINE-HEIGHT: 18px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px 20px 20px 10px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; FONT-SIZE: 1em; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px" class=yiv1154594223infuse><A style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: rgb(0,117,154); BORDER-LEFT-WIDTH: 0px; TEXT-DECORATION: none; PADDING-TOP: 0px" href="http://www.econ.bbk.ac.uk/faculty/driffill" rel=nofollow target=_blank>John Driffill</A> of the University of London, a macroeconomics expert, says the value of the analysis is not just to see if a small number of people controls the global economy, but rather its insights into economic stability.</div>
<div style="PADDING-BOTTOM: 0px; LINE-HEIGHT: 18px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px 20px 20px 10px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; FONT-SIZE: 1em; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px" class=yiv1154594223infuse>Concentration of power is not good or bad in itself, says the Zurich team, but the core's tight interconnections could be. As the world learned in 2008, <A style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: rgb(0,117,154); BORDER-LEFT-WIDTH: 0px; TEXT-DECORATION: none; PADDING-TOP: 0px" href="http://www.newscientist.com/article/dn20777-haircuts-identified-as-a-cause-of-financial-crisis.html" rel=nofollow target=_blank>such networks are unstable</A>. "If one [company] suffers distress," says Glattfelder, "this propagates."</div>
<div style="PADDING-BOTTOM: 0px; LINE-HEIGHT: 18px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px 20px 20px 10px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; FONT-SIZE: 1em; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px" class=yiv1154594223infuse>"It's disconcerting to see how connected things really are," agrees George Sugihara of the Scripps Institution of Oceanography in La Jolla, California, a complex systems expert who has advised Deutsche Bank.</div>
<div style="PADDING-BOTTOM: 0px; LINE-HEIGHT: 18px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px 20px 20px 10px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; FONT-SIZE: 1em; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px" class=yiv1154594223infuse>Yaneer Bar-Yam, head of the New England Complex Systems Institute (NECSI), warns that the analysis assumes ownership equates to control, which is not always true. Most company shares are held by fund managers who may or may not control what the companies they part-own actually do. The impact of this on the system's behaviour, he says, requires more analysis.</div>
<div style="PADDING-BOTTOM: 0px; LINE-HEIGHT: 18px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px 20px 20px 10px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; FONT-SIZE: 1em; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px" class=yiv1154594223infuse>Crucially, by identifying the architecture of global economic power, the analysis could help make it more stable. By finding the vulnerable aspects of the system, economists can suggest measures to prevent future collapses spreading through the entire economy. Glattfelder says we may need global anti-trust rules, which now exist only at national level, to limit over-connection among TNCs. Bar-Yam says the analysis suggests one possible solution: firms should be taxed for excess interconnectivity to discourage this risk.</div>
<div style="PADDING-BOTTOM: 0px; LINE-HEIGHT: 18px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px 20px 20px 10px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; FONT-SIZE: 1em; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px" class=yiv1154594223infuse>One thing won't chime with some of the protesters' claims: the super-entity is unlikely to be the intentional result of a conspiracy to rule the world. "Such structures are common in nature," says Sugihara.</div>
<div style="PADDING-BOTTOM: 0px; LINE-HEIGHT: 18px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px 20px 20px 10px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; FONT-SIZE: 1em; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px" class=yiv1154594223infuse>Newcomers to any network connect preferentially to highly connected members. TNCs buy shares in each other for business reasons, not for world domination. If connectedness clusters, so does wealth, says Dan Braha of NECSI: in similar models, money flows towards the most highly connected members. The Zurich study, says Sugihara, "is strong evidence that simple rules governing TNCs give rise spontaneously to highly connected groups". Or as Braha puts it: "The Occupy Wall Street claim that 1 per cent of people have most of the wealth reflects a logical phase of the self-organising economy."</div>
<div style="PADDING-BOTTOM: 0px; LINE-HEIGHT: 18px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px 20px 20px 10px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; FONT-SIZE: 1em; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px" class=yiv1154594223infuse>So, the super-entity may not result from conspiracy. The real question, says the Zurich team, is whether it can exert concerted political power. Driffill feels 147 is too many to sustain collusion. Braha suspects they will compete in the market but act together on common interests. Resisting changes to the network structure may be one such common interest.</div>
<div style="PADDING-BOTTOM: 0px; LINE-HEIGHT: 18px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px 20px 20px 10px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; FONT-SIZE: 1em; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px" class=yiv1154594223infuse><BR></div></SPAN><SPAN style="BACKGROUND-COLOR: rgb(242,242,242); FONT-FAMILY: arial, sans-serif; FONT-SIZE: 13px" class=yiv1154594223Apple-style-span>
<H3 style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px 0px 0px 10px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; FONT-SIZE: 1.1em; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px" id=yiv1154594223bx283545B1>The top 50 of the 147 superconnected companies</H3>
<div style="PADDING-BOTTOM: 0px; LINE-HEIGHT: 18px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px 20px 20px 10px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; FONT-SIZE: 1em; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">1. Barclays plc<BR style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">2. Capital Group Companies Inc<BR style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">3. FMR Corporation<BR style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">4. AXA<BR style="PADDING-BOTTOM: 0px;
BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">5. State Street Corporation<BR style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">6. JP Morgan Chase & Co <BR style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">7. Legal & General Group plc <BR style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">8. Vanguard Group Inc<BR style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px;
PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">9. UBS AG<BR style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">10. Merrill Lynch & Co Inc <BR style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">11. Wellington Management Co LLP<BR style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">12. Deutsche Bank AG<BR style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px;
BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">13. Franklin Resources Inc<BR style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">14. Credit Suisse Group<BR style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">15. Walton Enterprises LLC<BR style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">16. Bank of New York Mellon Corp<BR style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px;
PADDING-TOP: 0px">17. Natixis<BR style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">18. Goldman Sachs Group Inc<BR style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">19. T Rowe Price Group Inc<BR style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">20. Legg Mason Inc<BR style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">21. Morgan Stanley<BR style="PADDING-BOTTOM: 0px;
BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">22. Mitsubishi UFJ Financial Group Inc<BR style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">23. Northern Trust Corporation<BR style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">24. Soci�t� G�n�rale<BR style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">25. Bank of America Corporation<BR style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px;
PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">26. Lloyds TSB Group plc <BR style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">27. Invesco plc<BR style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">28. Allianz SE 29. TIAA <BR style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">30. Old Mutual Public Limited Company<BR style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH:
0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">31. Aviva plc <BR style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">32. Schroders plc<BR style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">33. Dodge & Cox<BR style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">34. Lehman Brothers Holdings Inc*<BR style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">35.
Sun Life Financial Inc<BR style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">36. Standard Life plc<BR style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">37. CNCE<BR style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">38. Nomura Holdings Inc<BR style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">39. The Depository Trust Company <BR style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH:
0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">40. Massachusetts Mutual Life Insurance <BR style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">41. ING Groep NV <BR style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">42. Brandes Investment Partners LP <BR style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">43. Unicredito Italiano SPA <BR style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px;
PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">44. Deposit Insurance Corporation of Japan <BR style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">45. Vereniging Aegon <BR style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">46. BNP Paribas <BR style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">47. Affiliated Managers Group Inc <BR style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT:
0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">48. Resona Holdings Inc <BR style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">49. Capital Group International Inc <BR style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">50. China Petrochemical Group Company</div>
<div style="PADDING-BOTTOM: 0px; LINE-HEIGHT: 18px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px 20px 20px 10px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; FONT-SIZE: 1em; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">* Lehman still existed in the 2007 dataset used</div>
<div style="PADDING-BOTTOM: 0px; LINE-HEIGHT: 18px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px 20px 20px 10px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; FONT-SIZE: 1em; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px"><B style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">Graphic:</B> <A style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: rgb(0,117,154); BORDER-LEFT-WIDTH: 0px; TEXT-DECORATION: none; PADDING-TOP: 0px" href="http://www.newscientist.com/articleimages/mg21228354.500/0-revealed--the-capitalist-network-that-runs-the-world.html" rel=nofollow target=_blank>The 1318 transnational corporations that form the core of the economy</A></div>
<div style="PADDING-BOTTOM: 0px; LINE-HEIGHT: 18px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px 20px 20px 10px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; FONT-SIZE: 1em; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px"><I style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">(Data: </I>PLoS One<I style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">) </I></div></SPAN></DIV></DIV></DIV></DIV><BR>_______________________________________________<BR>P2P Foundation - Mailing list<BR><A href="http://www.p2pfoundation.net/" target=_blank>http://www.p2pfoundation.net</A><BR><A
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