Who are America's rulers? Where do they come from?

America’s rulers characteristically emerge from a combination of factors, including wealth, education, social networks, and access to opportunities.

- NARAIN BATRA

Power and influence in American society are exercised by groups of people, whether Democrats or Republicans, who control the wealth of the nation. Any which way they can, they influence the national agenda. “Americans may be equal, but some are more equal than others,” economist Paul Krugman wrote a while ago.

The most obvious influential actor is the political establishment—career politicians, top government officials, and prominent political families. They can be found at various levels of the government, from local and regional to national, and often have significant influence over policy decisions and the direction of the country.

But they are beholden to corporate elites of large corporations and their executives who wield considerable power and influence in the United States. This group includes CEOs, board members, and major shareholders who shape economic policies, control vast resources, and influence government decisions through lobbying and campaign contributions. They have been the beneficiaries of globalization, and to a great extent, responsible for the economic rise of China. Treasury Secretary Janet Yellen’s recent visit to China would serve their interest, which many of them think is also the national interest.

However, one might wonder if it is the financial sector that is the ultimate influencer and source of power, the sector that includes investment banks, hedge funds, and other financial institutions, along with prominent figures such as Warren Buffett, for example, that have significant influence over economic policies, and can shape the direction of the global markets.