It is not our task here to examine the economic efficacy of these different approaches to grappling with monopoly and imperfect competition, but to assess the political implications. Economic and political power can be translated into each other; this is why it is so difficult in practice to maintain the separateness alongside interdependence required by liberal capitalism. Giant firms generate very high concentrations of wealth. Not only can they convert this wealth into political influence, but they can use the capacity for strategy given to them by their organizational hierarchies to pursue political purposes and to become political actors. Seeing the firm as an organization and not just as a nexus of markets enables us to perceive the implications of this for political theory. Doctrines of consumer welfare and regulatory agencies may check the economic implications of corporate gigantism, but they cannot address these political implications. This becomes particularly important when firms operate transnationally – which virtually all large firms do today, and can exercise some choice of the political regimes within which they develop their strategies.