Why Today's Crisis Will Not Dethrone This Hegemon: Using The Prison Notebooks To Interpret Popular Dissent

by Aland Arseneault

ATLIS 2011-2012 Conference

4 January 2012

Final Submission

The world today is recovering from a financial crisis which has shaken market confidence and many of the social relations which engender it. 'The world' is a contentious descriptor today. Assessing the state of recovery is difficult because it demands a viewpoint. Even the viewpoint of the hegemon - ostensibly the state/actors which rules the United States of America, Japan, the United Kingdom, Germany et al - has become obfuscated and blurred. The popular critique of the recovery notes the quality of the jobs recovered in the economy. This critique also elicits questions regarding the real wages of the worker. It seeks a redress of the issues regarding the rate of profitability in developed, versus developing, markets and is very sceptical of the large outstanding debts/deficits of the developed governments. The popular critique is also quick to highlight the personal debts of civil society and that this crisis has also taken on a political aspect. Insecurity in the system of international finance and rising price of food and has made revolutions in the Middle East and Africa possible. The implication of this critique is that the confusion, the detached frame of reference, the breakdown of social relations, the violence, and specifically the effects on production should all signify the collapse of the hegemon. Arguably this is not the case. The hegemonic state has been injured, and this paper will not argue that point. The argument herein is a Gramscian analysis and instead focuses on the fact that the other necessary conditions for dethroning the hegemonic order do not exist; or, more specifically, do not exist in such a sufficient capacity that they present a true counter-hegemonic impulse. This is important to note because it

means several events and new conditions must necessarily result. This paper will establish these conditions and the primacy of the existing hegemon within them. The contention that this paper opposes states a decline. A decline naturally grants the assumption that there was once a superior position. The reasoned response attempted here does not seek to name all potential contenders of a new hegemonic order and discredit their claim. This response instead seeks to reassert that now discarded superior position and question the specifics of how the superior position of the hegemon can, and should, be discarded. With the primacy of the hegemon re-established the reader should deduce that the current challenges laid before the hegemon are in fact not a counter-hegemonic impulse. First; it is important to understand the nature of the hegemonic state. This understanding requires drawing from Antonio Gramsci's Prison Notebooks directly, utilizing what he called the Philosophy of Praxis, and then extrapolating onto the world as a whole. To illustrate this consider the premier state of the hegemon. Understand that the American state is more than just the government that administers to American laws. The American state is an ideal or concept that is individualized to each person by their particular material existence. Anglo-Saxon descendents of British first wave colonizers, the descendents of Germanic second wave colonizers, and the descendents of African slaves can all claim allegiance to an American state while the descendent of a Cherokee living on a reservation might reject it. For the same reason a European might conceive of America as a brash but stalwart ally an Iranian might see them as a posturing imperialist. As the hegemon the American state solicits a relationship with nearly every other entity on the planet. Being the centre of this nebula of social relationships grants the American state a position of privilege and power. This is the nature of American hegemony. This analogy, while illuminating, is very simplistic. These base categorizations of hegemony are necessary to begin a discourse, but discrete distinctions are disingenuous to understanding the tension between material and socially constructed power. Within American society there can exist Anglo-Saxon people who have adopted differing ideological leanings. Traditionally Marxist writing

has relegated these ideological distinctions to the mythology of a society. The more traditional analysis typically dealt with the distinctions between the bourgeoisie and proletariat classes. This difference is important because it refers back to the global hegemon, and to identities which transcend the national level (Gramsci SPN 196-197). The current financial crisis today should not be understood in this dichotomy but as a more complex dialectic, and this paper deals with the tension within the bourgeois class itself. In the advanced economic system of today even the ruling class finds division within itself. In his article published in the summer of 2010 Bresser-Pereira expands on the dissension between the Schumpeter style entrepreneur and the capitalist rentier. More simply; the difference between the bonus collecting executive of a company and the major shareholders. The fractions within a social class become important because of the way Gramsci suggested hegemony is maintained (Gramsci FSPN 64 and Gramsci FSPN 410-418). This maintenance is addressed more directly later in the paper, but requires an understanding of negotiated consent. Negotiating consent means co-opting elements of each class. This negotiation requires granting certain privileges and power from the ruling class onto the masses. This privilege and power creates real distinctions between members of the same class and is the basis of the term fraction. BresserPereira provides a very good synopsis of what he believes to be two distinct forms of capitalism. First is the period known as 30 Glorious Years, the golden age of capitalism, or the Fordist mode of production. This is generally accepted as the period between 1948 to 1977. The second period is not quite as well defined but sees the rise of the 'neo' movement. Neo-Liberalism, or neoConservatism in the United States, should be seen as the more political facet of neo-Classical economics. These philosophies are very complimentary because they represent a new hegemonic state which swept out the older model (Bresser-Pereira 503-505). This paper differs from Bresser-Pereira's conclusion that this power shift marked a new hegemonic order. Bresser-Pereira seems to adopt a more neo-Gramscian view of the government. That is to say he expects the government to be an arbiter of the other institutions assuming the

proper ruling class grants the appropriate situational knowledge. This differs from a more traditional reading of the Philosophy of Praxis which sees the government as just another cultural institution to be captured. In fact Gramsci even goes so far as to proclaim that the laws of government are illusory. (Gramsci FSPN 415-416) The more traditional view of this paper demands a war of movement which dethrones the old hegemony by significantly altering the ruling class' relationship to the modes of production. A power shift, or more specifically a renegotiation of consensus, regarding the quantity of privilege does not qualify. This holds doubly true for a capitalistic hegemony, given the volatile nature of the system. The 'neo' philosophies also saw major changes in institutional relations the very avenues through which power flows. The more regulated capitalism of Breton Woods, the gold standard, and regulated trading were done away with. Liberalization of international finance happened because of a power shift in the hegemonic state. One of the privileges previously granted onto organized labour was that of a living wage. From the perspective of the bourgeoisie, falling rates of profitability needed to be addressed and this highly competitive class began to agitate. Wealth was leaking from the Bourgeoisie but the source of the leak was contentious. The rentiers still wanted their returns and the entrepreneurs still wanted their bonuses. The bourgeois impulse is, and was, to push down wages and this illustrated a class distinction, illuminated the social fraction. The entrepreneur understood full well that in the complexities of the contemporary economy the rentier was lost. The production of wealth was their domain. The entrepreneur found that they had become an essential part of the new modes of production, and leveraged that against the desire to push wages down. The neo-Liberal state was created from fictitious wealth. A new compromise within the state saw the concerns of both bourgeois fractions addressed, at the cost of greater instability and risk. It is under this new order that the world saw the liberalization of financial markets, the deregulation of commodities, and the rise of market speculation (Bresser-Pereira 503-505 and Post-Hegemony 98). With this understanding of the state it should now be easier to perceive the current situation of the hegemon. It is, however, important to note that while predominately American, the neo-

Liberal school does have significant sway in other nations. The foremost example of such is the neo-Liberal agenda in United Kingdom and Germany. The hegemon should be understood as a sort of transnational capitalism with an American flavour. Dethroning the hegemonic order then does not mean removing the American state from its position of preeminence, it means dislodging the ruling class. To understand this consider the more traditional Westphalian inspired definition of the hegemon. Moving the centre of power from London to Washington, New York City, and Los Angeles marked a fall from grace for the United Kingdom but it was merely a stumbling block for transnational capitalism (Evans 284). The immanent conditions of a challenge to the hegemonic order require a second a priori understanding, this will be addressed below in the paragraphs on historic blocs. That many scholars and commentators the world over have begun to herald such a challenge either to the prevailing order or to the United States itself, does however indicate that the hegemon is ripe for such a challenge. If the hegemony had weathered the financial crisis completely intact the question would have been excluded from the mainstream media. That it has not been excluded suggests that significant numbers of social fractions outside of the hegemony have wrested some power. Like rectangles and squares however, being susceptible to a challenge and being in a position to lose a challenge are different. The latter requires the former, but the former does not necessitate the latter. Gramsci noted that culture, and indeed common sense, are defined by the hegemonic group (Gramsci FSPN 415-416). If the world order is being questioned by culturally important institutions it suggests that this dominance is being threatened. A discord in popular discourse is worrying to the status quo of the hegemon because it signifies one of two things: either the hegemon is losing control of an excluded social fraction, or a new historic bloc is forming to oppose them. If a new historic bloc is indeed forming then a counter-hegemonic impulse is afoot. To understand why forming a new historic bloc is immanent to a true counter-hegemonic impulse requires understanding historic blocs. In the structure of the Philosophy of Praxis the historic bloc is subordinate to hegemony. That is to say the metaphysical construction or theoretical

grounding of hegemony requires the historic bloc. Gramsci observed that the ruling class wielded a power far beyond what their own social base should have been able to provide. The concept of cultural hegemony was incomplete if it could not account for this. This account begins with the understanding that the ruling class cannot maintain power through coercion alone. If this is understood to be true then a method of soliciting support from the other classes was in operation (Gramsci SPN 246-247 and Gramsci FSPN 156-157). Gramsci named these methods institutions. An institution is to be understood as nearly any human association. A newspaper, a church of a given faith, or a political party can be an institution. In fact what society today understands to be culture in general falls into this category. To reference the international financial crisis it is important to note that organizations like the International Monetary Fund (IMF) would function as an organic international institution. The qualifier 'organic' is applicable to an institution when it serves certain functions in the hegemonic order; it must propagate the norms of that order, absorb the counter-hegemonic impulse, and co-opt members of the exploited class (Gramsci FSPN 18-20). For example, this co-opting at the domestic level could be accomplished by a trade union which promoted members of the working class into middle management positions. At the international level it can be observed as the intellectuals indigenous to developing countries joining international bodies. What this means is that the hegemony is maintained even in countries which do not benefit from its continued existence because those countries have lost their intellectual class to these institutions. These intellectuals either set themselves to 'modernizing' their country, which entails bringing it further into the hegemonic order, or trying to change the system from within. Their time and effort becomes exhausted in quarrelling with the institution and winning privileges which the ruling class was already willing to give up (by virtue of the institution). To recap, the historic bloc is then the sum of people which have consented to the cultural hegemony of the ruling class through these institutions. This means that hegemony cannot be swept aside until a new historic bloc can inform the emergent hegemony.

Stating that the hegemonic order is on the verge of collapse is a very definitive assertion. Hegemony and historic bloc have been loosely defined concepts, but this does not prevent a certain amount of rigor in testing the statement. Despite being nebulous and mutually defining concepts some discrete limits can, and indeed must, be set to have any meaningful examination of the issue. Cultural superiority is not the definition of hegemony, but it is a useful litmus test. If cultural superiority of a historic bloc exists then it most likely informs the hegemon if it does not additional tests are required. To stay true to the intellectual roots of the Philosophy of Praxis the material power of the state must also be considered. Even Gramsci in his time saw governments, the political arm of a state, fall to a revolutionary movement only to be swept aside by the state. The discourse on power has been much more productive and in 1986 Susan Strange's article The Persistent Myth of Lost Hegemony was presented to, the Association of International Relations, in Tokyo. This article provides four keystones in hegemonic power studies which act as a discrete metric of where structural power resides:

with the person or group able to exercise control overthat is, to threaten or to defend, to deny or to increaseother people's security from violence; with those able to control the system of production of goods and services; with those able to determine the structure of finance and credit through which (in all but the most primitive economies) it is possible to acquire purchasing power without having either to work or to trade it; with those who have most influence over knowledge, whether it is technical knowledge, religious knowledge, or leadership in ideas, and who control or influence the acquisition, communication, and storage of knowledge and information.

In her original article, Strange used a comparison of strategic nuclear forces to illustrate American hegemony. In the intervening 25 years the United States still commands an impressive

advantage, and even numbers which reflect the traditional armed forces are heavily favouring American power. In the 2003-2004 fiscal year military spending in the world was recorded at a grand total of 889 billion US dollars. NATO, as a rough estimation of the developed world, spent 545 billion of those dollars, and the United States alone spent 349 billion dollars (Chamberlin). These numbers do of course imply that spending in US dollars correlates into hard power. Barring a further in depth study the assumption that US dollars creates military strength will need to stand. This means NATO has roughly 61% of the world's military strength, the United States alone has 39% and a commanding 64% of NATO. While the above is a solid estimation of the general, the particular has drawn much more criticism lately. Bungled invasions in Iraq and fair-weather commitments to an intervention in Libya have begged the question of whether the United States has over extended its reach (Freier 2-6). The phenomenon of leading from behind on the Libyan intervention is oft cited as evidence of the United States simply not having the will, or power, to continue. It must be remembered however that the nearly the entirety of the early bombing campaign in Libya was carried out by the United States as the rest of NATO moved into position (Watt et al and Traynor and Watt). Moreover NATO was led by non-American allies only after the United States declined the role. The first criterion of hegemonic power in Stranges metric is the ability to exercise control over security, not the actual exercising of it. The second keystone of power is another obvious necessity, but bears exploration, especially considering the crisis has economic implications. In a 2010 estimate the United States was still the largest material importer and third largest exporter (World Factbook). Perhaps more telling is that it generated the most electrical power in the entire world a good 20% more than its nearest rival China. Additionally the United States consumes a fifth of China's exports, presumably driving a related portion of the Chinese economy. Electrical power is one of the basic mainstays of modern production. Without electrical power the modern economy does not exist and the United States produces more of it than any other country.

Strange herself notes an obfuscation in the modern economy. Energy concerns, which beg questions about oil, place the United States on less stable ground. Strange points out, at the time of publication, that this is not an accurate interpretation. Indeed the physical location of a resource becomes of secondary importance if the hegemon has developed a system that sees control of the resource passed into the developed world. If control of important resources depended on their physical location in the world the age of sail should have seen cotton producing Egypt and India as powers in their own right. Instead a mercantile system was constructed by the European powers and the location of the fields no longer mattered. In fact the location of the fields, at best, simply made one piece of land a more or less valuable contribution to the state which could claim control of its resources. To address whether transnational capitalism exercises this control, consider 'Forbes.com the online portal of Forbes which maintains a list of powerful companies. The Forbes Global 2000 are the biggest, most powerful listed companies in the world. Examining this list reveals that despite their supra-national dimensions, many of these companies are American. And many more fall within the purview of the developed world. For the sake of directness only the companies listed within the United States of America will be dealt with here. Of the 2000 there are 536 companies listed as American. Notably the first four, in the world, are American. And more relevant to the point here the fourth largest company in the world is ExxonMobil a company chiefly involved in oil and gas operations. Considering market value and sales becomes subjective data in a discourse regarding the nature of wealth as the hegemon defines it they will be given in Table 1 and the reader may draw their own conclusions. Note, however, that the profit of these 536 companies for the 2009 2010 fiscal year was nearly half a trillion dollars and their combined assets nearly 28 trillion dollars. The American GDP for the same period was 14.7 trillion dollars, just less than twice its nearest competition China (World Factbook). The third keystone does cause pause, as the event in question is a crisis in international

finance, but even here the hegemon maintains supremacy. The organizations which oversee the world's financial system are roughly controlled by American interests. The quota system employed by the IMF requires that countries pay at least a quarter of their subscription fees in recognized currencies or 'Special Drawing Rights'. (The IMF) The dollar, the euro, the yen, and the pound sterling are the recognized currencies, but note that the value of each of these currencies is calculated in US dollars. Furthermore the GDPs of member countries and the value of their Special Drawing Rights are also valued in US dollars. This valuation process essentially ties the world economy to the US dollar. When countries run out of money and credit they are left facing harsh borrowing costs or devastating inflation. The quantitative easing program of the American Federal Reserve has been likened to printing money, and it has devalued the currency. The American government however does not need to fear the same type of hyperinflation that plagues the developing world. Demand for American dollars is built into the world financial system. Even now 4/5ths of the American debt is in US dollars (World Factbook). The final keystone of Strange's structural power is the control of knowledge. The discord in popular culture and the rise of external media like Al-Jazeera suggests a slackening of American power (Tharoor). This is possibly the thin edge of the knife but as of today it has only scratched the hegemon. The United States currently rates: 2nd in mainline telephones, 3rd in cellular phones, 1st in internet hosts, and 2nd in internet users (World Factbook). It maintains a permanent seat on the United Nations and few entities in the world can match the technical expertise of NASA and MIT. In an article examining American cultural supremacy Jean Chalaby concludes: There is a vision of the technological future that claims that the personal computer will be placed at the heart of the home entertainment universe, becoming the primary conduit for everything from films and music to games and holiday snaps (Financial Times, 8/9 February 2004: 20). If this vision holds true, customers will soon download Hollywood blockbusters onto their Dells and IBMs, quite probably

using software made by a company based in Redmond called Microsoft. As a final point in favour of the preeminence of American culture Table 2 and Table 3 have been included. Table 2 shows the best trending google searches in the world from 2004 to 2010. A trending search is a search which has shown marked growth, signified by the number of searches. The first eight are queries regarding American companies or internet services thereof. Notably the ninth is the first instance of a non-English search. Table 3 shows the trends within China in the same period. The first result 'qq' returns a Chinese language messaging and news site. The second result ' ' returns a site that hosts popular Chinese language web games many of which are adaptations of Japanese and American games. Thus far the hegemon has been referred to herein as the transnational capitalist class. The examples and data however support an American hegemony. The distinction is not consequential to this paper. The technical and specific nature of the hegemon is, as mentioned, nebulous. Intellectuals in both the United States and the United Kingdom, for example, will posit the 'neo' agenda (Johnson Rhetoric 220-221). This assertion is not meant to belittle important analysis into whether this is an example of a co-opted indigenous intellectual class or an organic institution in its own right. American data is presented to support both understandings. As long as it is understood that the two understandings are not contradictions, whether the hegemon is more accurately described as a transnational capitalist class with an American bias or the American state, is irrelevant. The point in all of this is that no other historic bloc exists. The hegemon must control the power, set the tone, and produce the intellectuals required to herald its truths. The popular discourse points to the rising economic might of China, but it is competition and not the leader. The emerging euro-zone challenges the American financial sector but it too is suffering from a banking crisis. The cultural production of the Middle East is being contrasted to American culture, but there is no evidence that American cultural production is in decline merely that it is not growing at the same speed. Beyond that there is no evidence to suggest that cultural production in the Middle East could

serve as global cultural hegemony. These comparisons miss the salient points. Hegemony is not absolute or perfect; it is best. That the comparison is being made at all means that the American state occupies a position of prominence. If the Americans had lost that dominance then no such comparison would be made. As a counter to the moral critique of the hegemon it needs to be understood that this too is balanced in the final equation. Reams of literature have been produced about the disposed and disenfranchised groups in this hegemonic order. The Philosophy of Praxis was groundbreaking in its ideas regarding negotiated consent but it is still, at its core, a Marxist theory. The ruling elites do not need to bestow privileges onto every social fraction to maintain hegemony, nor do they need to apply them in any measurable equality. If a social fraction has been sufficiently alienated from the means of production, and the recourse absorbed by the placed organic institutions, then this behavior is written off as somehow normal or at worst the blame is allocated to the individual deviant (Falcous and Silk 329-330). Until these disenfranchised people, this subaltern class, begin to build their own organic institutions and can access power for themselves, and not the power allocated to them, they can be nearly limitless in number without posing a real risk to the hegemon. The situation presented hereto seems fatalistically deterministic. Determinism is one of the criticisms of Marxism that Gramsci sought to address. (Gramsci SPN 106-107 and Gramsci SPN 162-168) As mentioned above the Philosophy of Praxis is still a Marxist theory, and revolutionary by nature. It would be a mistake to read hegemony as immutable. It is not. Earlier in this paper it was stated that a war of movement was needed to dethrone hegemony. This is in contrast to the war of position (Gramsci FSPN 350). The war of movement is the classic Marxist understanding of revolution and generally occurs in times of political crisis. As it is a political crisis which spawns the war of movement the war is made manifest in a counter-hegemonic impulse which seizes the government. If however the state remains intact, the government will be purged of the counterhegemonic force. Destruction of the state lies in the War of Position. The War of Position is the building of a

new historic bloc. This war requires that a counter-hegemonic social fraction produce intellectuals who then posit a new idea a new truth on which the historic bloc can rest. The War of Position creates a fully formed counter-hegemony which, in a War of Movement, would see a weakened state unable to eject the counter-hegemonic forces from the government. Nestled into this point is the concept of the 'passive revolution'. Passive revolutions occur when two, or more, historic blocs arise at the same time or if one historic bloc is unable to destroy the other. This cycle of revolution and restoration occurs because an impasse is reached. This notion of passive revolution is incredibly important when one applies the Philosophy of Praxis to the realm of International Relations Theory. As mentioned above one of the common ways of co-opting another state into hegemony is through co-opting the indigenous intelligentsia. This will often create a sort of landed bourgeoisie which is reliant on external capital, or at least external markets. This foreign connection can often see opposition on nationalistic terms. If the ideational relationship breaks down and people cannot see the power of the newly proposed state they will become intransigent. The economic modes of a local people may still have viability. These factors, either combined or on their own, can account for a people deciding not to engender a state which destroys their culture for no apparent benefit. This places the new state in competition with the old. It is understood, in a Gramscian analysis, that Liberalism absorbs counter-hegemonic impulses by its divisions of power. The economic sphere needs to suffer a considerable crisis before it pushes on the political. The International Financial Crisis is a push of considerable magnitude and even developed economies have taken on more pressure than they can bear. The rhetoric of the media has been altered. Even in the United States some pressure has been felt on the state because as many as one million homes have been foreclosed between December 2009 and December 2010 (Timeline of events...). This level of displacement, poverty, and uncertainty does affect the stability of the state. Despite all of this, hegemony is deeply entrenched within the United States and as this paper has illustrated no counter-hegemonic state exists. None has been cultivated. The American state is also

unrivalled by its ancestors as it has utterly smashed those states. For the hegemon to be dethroned, a new historic bloc needs to exist. Any historic bloc, by definition, must have its own intellectuals and a legitimate claim to power. There is no group, actor, or agent which can challenge the American state on all of four keystones of Strange's power structure and until that changes American stumbling and or relative decline cannot be seen as an end to the current hegemony.

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Books Gramsci, Antonio. Further Selections From The Prison Notebooks. Trans. 1st Ed. Derek Boothman. Minneapolis: University of Minnesota Press, 1995 AND London: Lawrence & Wishart Limited, 1995. Print. Selections from Political Writings 1921-1926. Trans. 1st Ed. Quintin Hoare. Southampton: The Camelot Press Ltd, 1978. Print. Selections From The Prison Notebooks. Trans. 1st Ed. Quintin Hoare and Geoffrey Nowell Smith. London: Lawrence & Wishart, 1971 AND New York: International Publishers, 1971. Print. Journal Articles Bresser-Pereira, L.C. Bruff, Ian. Chalaby, Jean K. "The Global Financial Crisis and a New Capitalism?" Journal of Post Keynesian Economics. 32.4 (2010): 499-534. Print. "European Varieties of Capitalism and the International." European Journal of International Relations. 16.4 (2010): 615-638. Print. American Cultural Primacy in a New Media Order A European Perspective. International Communication Gazette February (2006): vol 68 no 1 33-51. MLA International Bibliography. Sage Publications. Web 18 March 2011 United States of America. Congress. Comparisons of U.S. and Foreign Military Spending: Data from Selected Public Sources. Web: CRS Web, 28 January 2004. Unraveling Gramsci: Hegemony and Passive Revolution In The Global Political Economy. Capital & Class 93 (2007): 258-261. Academic Search Premier. EBSCO. Web. 13 Feb. 2011. Is an Alternative Globalization Possible? Politics & Society June (2008): vol 36 no 2 271-305. Article First. Sage Journals Online. Web 18 March 2011. "Global Regimes, Local Agendas." International Review for the Sociology of Sport. 41 (2006): 3-4. Print. The International Financial Crisis Viewed by Experts. Economic Notes 38 (2009): 67-95. Wiley Online Library. Wiley/Blackwell. Web 13 Feb. 2011. U.S. Ground Force Capabilities through 2020 Center For Strategic And International Studies. October (2011): CSIS.org. Web. 4 January 2011 "Defending Ways of Life: the (anti-)terrorist Rhetorics of Bush and Blair." Theory, Culture and Society. 19.4 (2002): 211-231. Print.

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Table 1

**This chart was created by parsing the the Forbes 2000 list found on http://www.f orbes.com Profits Sales ($bil) ($bil) 115.63 156.78 150.45 275.56 98.64 123.02 408.21 112.49 159.29 51.67 76.78 95.76 116.92 107.81 136.02 11.65 11.03 6.28 19.28 12.28 12.54 14.34 8.06 10.48 13.39 13.05 13.43 8.13 3.65 4.86 Market Assets ($bil) Value ($bil) 2031.99 781.82 2223.3 233.32 1243.65 268.75 170.71 297.12 164.62 849 135.29 109.02 113.62 227.25 152.59 166.19 169.65 167.63 308.77 141.69 147.55 205.37 190.86 146.23 84.95 184.47 167.01 121.33 82.21 72.72

Rank 1 2 3 4 7 13 14 15 20 25 29 33 35 37 39

Company JPMorgan Chase General Electric Bank of America

Country United States United States United States United ExxonMobil States United Wells Fargo States AT&T Wal-Mart Stores Berkshire Hathaway Chevron Goldman Sachs Group Procter & Gamble IBM HewlettPackard Verizon Communica tions ConocoPhill ips United States United States United States United States United States United States United States United States United States United States

Industry Banking Conglomera tes Banking Oil & Gas Operations Banking Telecommu nications Services Retailing Diversified Financials Oil & Gas Operations Diversified Financials Household & Personal Products Software & Services Technology Hardware & Equip Telecommu nications Services Oil & Gas Operations

40 47 49 58 72 75 75 81 89 92 94 98 100 102 104 105 106 109 111 113 114 116

Pfizer Johnson & Johnson

United States

United States United Microsoft States United Ford Motor States United Merck & Co States Apple Cisco Systems CVS Caremark Comcast UnitedHealt h Group United Technologie s United States United States United States United States United States

Drugs & Biotechnolo gy Drugs & Biotechnolo gy Software & Services Consumer Durables Drugs & Biotechnolo gy Technology Hardware & Equip Technology Hardware & Equip Retailing Media Health Care Equipment & Svcs Conglomera tes Media Semiconduc tors Insurance Food, Drink & Tobacco Drugs & Biotechnolo gy Food, Drink & Tobacco Food, Drink & Tobacco Diversified Financials Software & Services Diversified Financials Health Care Equipment

50.01 61.9 58.69 118.31 27.43 46.71 35.53 98.73 35.76 87.14 52.92 36.29 35.13 32.69 30.99 30.76 43.23 40.39 30.07 23.23 26.73 65.03

8.64 12.27 16.26 2.72 12.9 9.36 6.07 3.7 3.64 3.82 3.83 3.31 4.37 3.12 6.82 5.75 5.95 3.02 1.35 5.8 2.13 4.75

212.95 94.68 82.1 194.85 112.09 53.93 76.4 61.64 112.73 59.05 55.76 69.31 53.1 480.2 48.67 52.42 39.85 66.71 771.46 53.83 124.09 52.13

143.23 174.9 254.52 41.8 116.11 189.51 140.85 47.85 47.76 39.4 65.28 61.17 115.29 24.86 122.79 84.29 99.58 42.49 39.41 123.98 45.63 27.55

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& Svcs 117 118 120 120 123 125 127 United US Bancorp States Home United Depot States United Boeing States United Google States United Target States United News Corp States Travelers United Cos States Philip Morris Internationa United l States Time United Warner States PNC Financial United Services States United Parcel United Service States Lockheed United Martin States United McDonald's States United Lowe's Cos States Occidental United Petroleum States United Walgreen States Honeywell Internationa United l States United Caterpillar States Amgen BristolMyers Squibb Marathon Oil United States United States United States Banking Retailing Aerospace & Defense Software & Services Retailing Media Insurance Food, Drink & Tobacco Media Banking Transportati on Aerospace & Defense Hotels, Restaurants & Leisure Retailing Oil & Gas Operations Retailing Conglomera tes Capital Goods Drugs & Biotechnolo gy Drugs & Biotechnolo gy Oil & Gas Operations 19.49 66.18 68.28 23.65 65.36 30.93 24.68 2.21 2.66 1.31 6.52 2.49 3.35 3.62 281.18 40.88 62.05 40.5 44.53 56.13 109.56 46.89 53.44 48.45 169.38 38.9 37.93 27.26

132 134 135 139 146 153 158 160 163 164 165 166 167 168

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92.04 34.05 24.86 58.43 29.61 69.05 34.99 65.57 34.89 31.02 36.14 55.72 41.81 20.64

169 175 179 180 181 183 184 185 189 195 206 211 212 216 219 228 229 231 232 233 234 240 246 250

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23.12 17.32 27.33 16.82 31.98 52.9 18.25 21.84 44.88 32.01 15.74 14.14 62.21 33.76 74.23 15.45 108.28 9.36 15.95 15.65 22.8 15.04 24.88 15.13

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13.02 34.76 59.8 20.51 10.57 12.73 17.87 10.82 13.5 14.03 29.57 19.12 9.06 7.13 13.4 47.87 21.57 12.56 29.57 24.51 14.78 14.12

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11.79 7.71 7.97 24.28 35.78 15.6 10.11 14.56 7.95 17.18 10.43 41.06 21.65 5.4 8.11 9.89 8.96 15.18 12.58 4.41 14.12 10.09 8.85 30.96

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8.42 7.99 15.62 11.72 7.01 18.92 4.7 16 9.64 4.23 73.76 20.29 44.04 7.6 12.31 23.49 14.2 8.23 12.56 10.31 6.46 4.55 24.7

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5.92 8.7 37.61 8.19 2.43 5.95 29.07 5.53 4.68 7.51 11.11 1.63 11.19 1.82 10.68 4.1 8.63 8.63 7.07 5.22 7.48 6.99

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United States United States United States United States United States

Materials Utilities Retailing Health Care Equipment & Svcs Materials Business Services & Supplies Diversified Financials Diversified Financials Transportati on Food, Drink & Tobacco Retailing Retailing Technology Hardware & Equip Retailing Constructio n Retailing Oil & Gas Operations Food Markets Semiconduc tors Hotels, Restaurants & Leisure Health Care Equipment & Svcs Transportati on Software & Services

6.05 3.43 9.05 2.53 7.07 7.1 4.16 1.12 12.59 2.44 5.23 4.85 4.53 7.11 7.79 25.91 2.31 8.2 2.14 3.75 1.05 4.09 2.02

0.23 0.39 0.39 0.46 0.16 -0.13 -0.25 0.55 -0.28 0.46 0.32 0.31 -0.02 0.24 -0.18 -2.59 -0.13 0.17 0.34 0.29 0.23 0.24 0.2

9.02 11.59 5.04 2.91 8.73 16 12.56 6.76 12.78 3.42 2.29 4.78 7.6 2.41 9.18 8.6 11.81 3.87 3.7 9.35 1.81 2.32 5.07

4.09 3.89 2.88 8.07 5.07 3.89 7.6 5.93 2.95 7.85 4.88 5.44 11.2 4.78 5.01 1.34 12.8 6.23 8.88 4.24 13.81 7.71 20.25

United States United States United States United States United States United Dollar Tree States O'Reilly United Automotive States Agilent Technologie United s States United CarMax States United Masco States United Rite Aid States Noble United Energy States Whole Foods United Market States Analog United Devices States Wyndham United Worldwide States Intuitive Surgical Expeditors Intl VMware United States United States United States

1406 1408 1411 1413 1414 1417 1419 1427 1428 1429 1431 1439 1440 1454 1455 1457 1458 1463 1464 1464

RR Donnelley & Sons Charter Commun Marshall & Ilsley

United States United States United States United Joy Global States United Broadcom States Crown Castle Intl Starwood Hotels Tech Data Hasbro United States United States United States United States

Media Media Banking Capital Goods Semiconduc tors Telecommu nications Services Hotels, Restaurants & Leisure Technology Hardware & Equip Household & Personal Products Telecommu nications Services Household & Personal Products Media Business Services & Supplies Technology Hardware & Equip Oil & Gas Operations Technology Hardware & Equip Software & Services Business Services & Supplies Media Health Care Equipment & Svcs

9.86 6.76 3.38 3.57 4.49 1.69 4.71 22.1 4.07 3 5.58 6.03 16.04 14.68 16.87 3.32 1.9 1.8 1.2 9.01

-0.03 NA -0.76 0.45 0.07 -0.11 0.07 0.18 0.37 0.33 0.29 0.12 -0.01 0.12 -0.14 0.12 0.37 0.4 6.08 0.19

8.75 16.66 57.21 2.97 5.13 10.96 8.76 5.9 3.9 9.15 6.42 12.26 6.21 7.76 8.07 7.59 3.91 2 2.2 7.95

4.11 3.39 3.71 5.32 15.75 11.18 7.25 2.28 4.92 4.7 3.84 4.01 4.17 3.47 1.66 14.87 6.76 6.44 2.64 2.54

United Windstream States Newell Rubbermaid Interpublic Group Manpower United States United States United States

Arrow United Electronics States United Tesoro States Juniper Networks BMC Software United States United States

United Moody's States Liberty United Media-Starz States Tenet Healthcare United States

1467 1474 1475 1481 1481 1483 1487 1488 1492 1497 1499 1507 1510 1511 1522 1525 1528 1530 1535 1536 1541 1543

Nasdaq OMX Group Huntington Bancshs HCP Amphenol Conseco Integrys Energy Group HarleyDavidson Life Technologie s CC Media Holdings Harris People's United Financial TRW Automotive Hldgs

United States United States United States United States United States United States United States United States United States United States United States

Diversified Financials Banking Diversified Financials Technology Hardware & Equip Insurance Utilities Consumer Durables Drugs & Biotechnolo gy Media Technology Hardware & Equip Banking Consumer Durables Utilities Diversified Financials Capital Goods Retailing Insurance Business Services & Supplies Insurance Semiconduc tors Banking Diversified

3.41 3.43 1.16 2.82 4.34 7.5 4.78 3.28 5.55 4.92 1.08 11.61 2.31 1.22 4.21 5.41 5.83 2.96 5.97 1.7 3.32 3.14

0.27 -3.09 0.13 0.32 0.09 -0.07 -0.06 0.14 -4.03 0.2 0.1 0.06 0.49 0.02 0.18 0.27 0.22 0.3 0.2 0.28 -1.22 -1.28

10.72 51.55 12.21 3.22 30.34 11.85 9.16 9.12 18.05 4.53 21.26 8.73 9.57 16.89 4.4 3.07 7.94 5.94 8.72 3.12 51.12 28.15

3.97 3.44 8.53 7.36 1.23 3.43 5.82 9.4 0.27 5.9 5.42 3.27 1.81 6.09 7.87 3.87 3.27 6.7 2.98 7.3 2.75 4.14

United States United Mirant States United ProLogis States Rockwell United Automation States Advance United Auto Parts States Fidelity National United Finl States Expedia First American Xilinx Zions Bancorp General United States United States United States United States United

Growth Prop 1544 1545 1546 1551 1556 1561 1579 1585 1586 1595 1602 1603 1610 1634 1638 1645 1651 1657 1669 1671 1690 Energizer Holdings SigmaAldrich Varian Medical Systems Scripps Networks

States United States United States

Financials Household & Personal Products Chemicals Health Care Equipment & Svcs Media Retailing Banking Diversified Financials Semiconduc tors Food, Drink & Tobacco Health Care Equipment & Svcs Diversified Financials Health Care Equipment & Svcs Chemicals Diversified Financials Drugs & Biotechnolo gy Utilities Transportati on Telecommu nications Services Materials Insurance Chemicals

4.13 2.15 2.25 1.54 10.76 1.41 0.94 1.2 11.61 6.17 2.05 1.5 2.61 2.88 2.19 5.58 10.46 0.27 2.34 2.77 7.76

0.31 0.35 0.33 0.3 0.2 0.2 0.27 0.25 -0.32 0.21 -0.16 0.32 0.37 -1.3 0.34 0.24 -0.21 -0.33 0.21 0.21 0.11

6.2 2.71 2.36 1.87 5.41 23.52 5.62 2.29 7.72 7.32 55.98 1.91 2.49 47.37 4.66 6.45 7.45 11.27 4.64 16.57 8.63

4.1 6 6.23 6.66 3.1 3.13 6.97 7.44 2.96 3.23 0.84 5.77 5.22 3.16 5.23 2.74 1.24 6.33 7.99 2.1 3.26

United States United States United AutoNation States BOK United Financial States United Ventas States United Altera States Smithfield United Foods States United States United MF Global States Omnicare Waters CF Industries Holdings E-Trade Financial Cephalon United States United States United States

United States United UGI States US Airways United Group States Clearwire Cliffs Natural Resources StanCorp Financial Huntsman United States United States United States United States

1694 1696 1697 1704 1710 1716 1723 1725 1731 1732 1734 1739 1739 1747 1759 1765 1768 1770 1774 1775 1780

United Airgas States McCormick United & Co States United Health Net States HCC United Insurance States Telephone United & Data Sys States United Popular States Southwester United n Energy States Pride Internationa United l States Linear United Technology States Citrix United Systems States Universal Health Bucyrus Internationa l Synovus Financial Dolby Laboratories Ralcorp Holdings Commerce Bancshs United States United States United States

Chemicals Food, Drink & Tobacco Health Care Equipment & Svcs Insurance Telecommu nications Services Banking Oil & Gas Operations Oil & Gas Operations Semiconduc tors Software & Services Health Care Equipment & Svcs Capital Goods Banking Technology Hardware & Equip Food, Drink & Tobacco Banking Utilities Business Services & Supplies Household & Personal Products Technology Hardware & Equip Constructio n

3.88 3.19 15.71 2.37 5.02 2.75 2.15 1.59 0.9 1.61 5.2 2.65 1.92 0.76 3.92 1.22 1.82 3.01 3.74 11.39 4.08

0.21 0.3 -0.05 0.35 0.19 -0.57 -0.04 0.29 0.24 0.19 0.26 0.31 -1.41 0.23 0.29 0.17 0.4 0.22 0.22 -0.86 -1.18

4.44 3.39 4.28 8.83 7.61 34.74 4.77 6.14 1.51 3.09 3.96 2.7 32.85 1.68 5.26 18.12 7.46 6.85 4.77 5.62 10.05

5.38 4.93 2.43 3.15 3.39 1.3 14.72 4.89 6.18 8.04 3.07 4.82 1.36 6.25 3.71 3.35 1.51 5.29 4.76 3.38 4.17

United States United States United States United RRI Energy States Iron Mountain Stanley Black & Decker United States United States

United Jabil Circuit States United PulteGroup States

1785 1787 1796 1800 1804 1809 1810 1811 1813 1818 1821 1824 1826 1829 1832 1833 1835 1840 1845 1846 1860 1863

Eastman Kodak Plum Creek Timber Office Depot MFA Financial Dentsply Intl Avalonbay Communitie s Interactive Brokers Group Cullen/Frost Bankers

United States United States United States United States United States United States

Technology Hardware & Equip Diversified Financials Retailing Diversified Financials Health Care Equipment & Svcs Diversified Financials Diversified Financials Banking Utilities Diversified Financials Utilities Diversified Financials Banking Business Services & Supplies Health Care Equipment & Svcs Software & Services Business Services & Supplies Drugs & Biotechnolo gy Semiconduc tors Insurance Consumer Durables Constructio

7.61 1.29 12.14 0.51 2.16 0.85 1.17 0.92 3.59 0.79 3.05 1.04 2.23 5.13 1.67 1.71 11.3 0.39 3.33 2.02 9.74 6.15

-0.22 0.24 -0.6 0.27 0.27 0.16 0.04 0.18 0.18 -0.01 0.26 0.14 -0.27 -0.05 0.19 0.25 0.12 0.3 -0.07 -0.32 NA 0.19

7.69 4.45 4.89 9.63 3.09 7.46 26.61 16.29 11.41 10.16 8.14 25.88 26.07 10.09 2.15 1.57 1.74 0.79 3.59 24.89 6.07 3.83

1.6 5.86 2.08 2.05 4.94 6.62 0.71 3.25 2.71 5.68 3.68 0.83 2.82 1.12 6.95 5.21 1.57 4.55 9.35 0.28 3.05 3.11

United States United States United NV Energy States Kimco United Realty States United NStar States United Nelnet States First Horizon United National States Avis Budget United Group States Cerner Teradata World Fuel Services Alexion Pharmaceuti cals United States United States United States

United States United Nvidia States United Phoenix Cos States United Lear States Aecom United

Technology States 1870 1874 1888 1889 1890 1893 1899 1902 1903 1904 1906 1907 1921 1926 1931 1934 1942 1943 1944 1947 1954 1958 Wynn Resorts United States United Petsmart States Roper United Industries States Atmos United Energy States Urban United Outfitters States Associated United Banc-Corp States BJ's Wholesale United Club States Edwards United Lifesciences States United Fastenal States Symetra United Financial States Old Republic United Intl States United Markel States Penske Automotive United Gp States American Equity United Invest States Church & Dwight City National Great A&P Tea East West Bancorp Helmerich & Payne Watson Pharma VeriSign Astoria United States United States United States United States United States United States United States United

n Hotels, Restaurants & Leisure Retailing Capital Goods Utilities Retailing Banking Retailing Health Care Equipment & Svcs Retailing Insurance Insurance Insurance Retailing Insurance Household & Personal Products Banking Food Markets Banking Oil & Gas Operations Drugs & Biotechnolo gy Software & Services Banking

3.05 5.34 2.05 4.55 1.94 1.33 9.95 1.32 1.93 1.71 3.8 2.07 9.52 1.19 2.52 1 9.11 1.12 1.67 2.79 1.03 1.08

0.02 0.2 0.24 0.21 0.22 -0.13 0.13 0.23 0.18 0.13 -0.1 0.2 0.08 0.07 0.24 0.05 -0.82 0.08 0.27 0.22 0.25 0.03

6.86 2.46 4.33 6.88 1.64 22.87 2.17 1.62 1.33 22.44 14.19 10.24 3.8 21.3 3.12 21.08 3.03 20.58 4.24 5.99 2.47 20.25

8.15 3.44 5.22 2.6 5.59 2.25 2.02 5.3 6.62 1.54 2.71 3.47 1.37 0.54 4.75 2.58 0.42 1.9 4.29 4.86 4.67 1.26

1958 1960 1960 1968 1970 1973 1975 1979 1991 1994 1999 2000

Financial OGE Energy American Natl Ins Pioneer Natural Res Ambac Financial Group

States United States United States United States

Utilities Insurance Oil & Gas Operations Insurance Materials Diversified Financials Banking Insurance Software & Services Business Services & Supplies Banking Constructio n

2.87 2.95 1.71 3.14 4.24 0.57 1.17 3.12 1.31 1.32 1.14 2.69

0.26 0.02 -0.05 -2.91 0.24 0.19 -0.28 0.4 0.08 0.3 0.12 0.03

7.27 20.2 8.87 18.1 5.42 6.37 19.63 4.23 2.46 0.62 18.46 8.53

3.57 2.93 5.45 0.2 3.28 5.28 0.2 2.28 8.86 3.81 1.88 5.43

United States United Sealed Air States Health Care United REIT States First United BanCorp States Mercury United General States Salesforce.c United om States ITT Educational United Services States First Citizens United Bcshs States Vulcan United Materials States

Table 2

** This report was created using Google Insights for search. This tool can be found here: http://www.google.com/insights/se arch/# Web Worldwide Search 2004 Interest -0 present

Rising facebook myspace you tube youtube gmail google hotmail you juegos mail

searches Breakout Breakout Breakout Breakout +600% +350% +250% +200% +170% +160%

Table 3

** This report was created using Google Insights for search. This tool can be found here: http://www.google.com/insights/search/# Web China Search Interest 2004 -0 present

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searches for 100 85 85 75 65 65 60 55 55 55

China