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.