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Reinventing a Ruling Class

The proudest boast of the contemporary corporate welfare state is that it has rendered obsolete the political hegemony of traditional ruling classes. In a way, the current managerial regime is the culmination of a centuries-long process of capitalist modernization. Marxist historians routinely refer to the revolutionary role played by the bourgeoisie in undercutting the authority of established aristocracies. In traditional society, authority was justified by reference to its origins. The genetic legitimacy of the ruling class could be explained either by customs or by reference to divine right. Lacking any other justification, the right of conquest might be invoked. Like...