Who's Got The Power?

It oftentimes seems to me that there's a vast conspiracy between free market dogmatists and left-wing anti-capitalists to massively overstate the power of large business corporations vis-a-vis nation-states. That's not to deny that large corporations have a lot of power, but merely to observe that non-dysfunctional states have a ton of power. I mean, is it really credible to argue that the CEO of Sara Lee is more powerful than the head of the Congress Party in India? India has nuclear weapons and over 1 billion residents. Sara Lee has . . . tasty dessert products.