The politics of the Norwegian capitalist class: the inner circle and wealthy owners

Abstract

This paper investigates the political activities of different segments within the capitalist class, comparing an inner circle of interlocked directors to a list of Norwegian wealthy owners. Drawing on a unique dataset that combines data on corporate boards with political participation records, the study compares wealthy owners and an “inner circle” of corporate directors. The findings reveal a division of labor within the capitalist class: while directors who are embedded in corporate networks participate more actively in institutionalized political settings, such as government advisory boards and business associations, wealthy owners exert their influence through financial contributions to political parties. Contrary to arguments suggesting that fragmentation of corporate networks weakens political power, this study shows that these groups continue to effectively promote their interests through distinct yet complementary strategies. The analysis highlights the continued political significance of both ownership and corporate directorships in influencing political processes, even in an “egalitarian” Scandinavian context. These findings challenge assumptions about a lack of cohesion and unity in the capitalist class and offer new insights into how economic power is translated into political influence.