Community Constraints on the Efficacy of Elite Mobilization: The Issuance of Currency Substitutes during the Panic of 1907

Abstract

Organizing collective action to secure support from local communities provides a source of power for elites to protect their interests, but community structures constrain the ability of elites to use this power. Elites’ power is not static or self-perpetuating but changing and dynamic. There are situations in which elites are forced into movement-like struggles to mobilize support from their community. The success of elites’ mobilization is affected by cultural and structural factors that shape the collective meaning of supporting elites’ actions and the identities that are formed in doing so. I find broad support for these propositions in a study of the issuances of small-denomination currency substitutes in 145 U.S. cities during the Panic of 1907. I discuss the contributions of this article to elite studies, the social movement literature, and the sociology of money.