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Governing by Governance: New Forms of Political Control over Morocco’s Economic Elites In Morocco, the central government uses the technique of business governance to control economic elites. This article draws upon network analysis and semi-directive interviews to study the interlocking directorates of companies listed on the Casablanca stock exchange. This method shows that the structure of Moroccan capitalism is characterized by significant centralization and the rising power of groups that rely upon a strategy of financialization. It also reveals that the central government now relies on control over two institutional investors that supply advice and financial resources to the country’s economic elites. ■