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By Wyn Grant (auth.)

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This increases the significance of decisions taken by individual firms about investment, production, employment, etc. 1). As Marsh and Locksley observe (1983, p. ' However, the evidence reviewed by them suggests that the top hundred private manufacturing firms account for around forty per cent of net manufacturing output, paralleled by a high degree of concentration in the financial sector. A report jointly authored by the Cabinet Office claims that 'Manufacturing enterprise in Britain is highly concentrated, one hundred firms controlling over 70 per cent of output' (Cabinet Office, 1978, p.

This is an important consideration when viewed in the context of the shift towards greater economic globalisation. As Traxler notes (1990, p. 26): Overall, since internationalization has become an indispensable element of economic restructuring, there is a self-destructive tendency inherent in the corporatist mode of modernization. Its dilemma is that it will simply grow obsolete if it fails to modernize the economy; and if it succeeds in this task, this will contribute to undermining its own base.

71). As far as intervention is concerned, Cawson (1982, p. ' Incorporation refers to the fact that interest organisations involved in corporatist arrangements are necessarily drawn closer to the state; the price of partnership is some loss of autonomy. Although intervention and incorporation (and the tensions it can generate) are relevant to an understanding of corporatism, 'The concept of corporatism is most usefully used in a restricted sense to refer to a The Power of Business 29 distinctive style of interest intermediation' (Cox, Lowe and Winter, 1990, p.

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