Appendix: Myths and realities


Myth #1: Free markets are competitive.

Reality: Free market competition creates power. In fact, ‘competition’ has come to be synonymous with domination and corporate power.


Myth #2: Companies compete by trying to best respond to the needs of society.

Reality: Companies compete for power, for the benefit of their shareholders, in ways that harm society.


Myth #3: Corporate power is benign.

Reality: There are many types of corporate power that allow the powerful to choose how to shape the economy and society in their interests.


Myth #4: We already control corporate power with antitrust.

Reality: Modern antitrust condones corporate power.


Myth #5: The law requires companies to maximize financial value for shareholders.

Reality: The law is being wilfully misinterpreted to our collective detriment as it does not require companies to maximize shareholder profit.


Myth #6: We are all shareholders; we all benefit from corporate focus on shareholders’ interests.

Reality: Most shareholders are already wealthy.