Networks of power or the finance conception of control? Comment on Palmer, Barber, Zhou and Soysal

The wave of corporate acquisitions in the US that took place in the 1960s cannot be adequately explained by network interlocks or financially linked boards of directors. This is because the interests of financial firms that comprise network interlocks would not differ widely from the interests of managers and owners in ways that would impact on the strategic behavior of companies. Also, the significance of interlocks has been diminished in legislation such as the Federal Trade Commission Act and the Glass-Steagall Act.