This paper is a response to Webber's (1991) critique of Thomas Ferguson's (1983, 1984, 1986) essays on the New Deal and his “investment theory” of political parties. It argues that Webber's evidence is invalid and that his statistical design is conceptually flawed. The sample is defective: it includes many people it should not and it excludes others who should have been reckoned in, notably many Texas oilmen. His procedure for ascertaining corporate partisanship is inadequate, since, among other problems, it excludes large payments made to the 1936 Democratic campaign by firms such as Standard Oil of New Jersey and General Electric. The campaign finance data he relies upon are also far less complete than he implies.
An entirely new data analysis is presented, incorporating not only Webber's data, but much new material from archives. The results confirm Ferguson's central thesis about the 1936 election: contributions to the Democrats in 1936 do indeed come from firms that are more internationally-oriented and capital-intensive than those contributing to the Republicans.
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