The finance conception of control - 'the theory that ate New York?' Reply to Fligstein

The finance conception of control theory does not explain the wave of corporate acquisitions which swept the US in the 1960s. Network interlocks, or financial linkages between boards of directors of firms, remain the factor behind the merger movement during the decade, which peaked in 1968. In advancing the finance conception of control theory, the roles of resource-dependence relations as well as other economic factors in the corporate acquisitions during the period are unjustly negated.