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‘abuse of dominant position’ (EU law) 51
Accountable Capitalism Act, US (proposed), 161, 165
ACM (Dutch competition authority) 86, 87
addictive products 15, 62, 63, 148
AdMob 89
advertising 15, 16, 30, 63, 88, 89
agribusiness 20, 21, 59–61, 62, 65, 172
AI (artificial intelligence) 15–16, 30, 62, 63
Airbus 21
Alba, Jessica 161
Alibaba 15
‘allocative efficiency’ 214
Amalgamated Bank 153
Amazon (online retailer) 1, 2, 9, 15, 30, 43, 54, 56, 58, 64, 84, 89–90, 170, 179
American Express 20
American Meat Institute, The 59–60
Anheuser-Busch InBev 21
antitrust xii, xvi, 8, 31, 63, 66, 211–12
ACM (Dutch competition authority) cases 86–7
Bork and 79–82, 88, 91, 92, 109, 129
buyer power, concentration of 84–6
Chicago Antitrust/neoliberalism and 76–8, 83, 84, 91–2, 111, 140 see also Chicago School
‘Chicken of Tomorrow’ case 86–7, 180–81
consumer welfare and 79–81, 82, 83, 83n, 92, 109–10, 115, 134, 139, 181
corporate governance and, connection between 129
corporate law, origins of in 129
economic witnesses and antitrust cases 63
European competition law and 82–3
free market myths inserted into 7, 76–82, 83, 84, 88, 91–2, 109, 111, 129, 140
incorporation laws and 74–5, 93
‘market power’, narrow focus on 54, 55, 65 see also stakeholder antitrust
mergers, regulation of see mergers
Microsoft, landmark antitrust case against (1990s) 44
monopoly and see monopoly
monopsony and see monopsony
as mythological constraint on corporate power 73
‘participative antitrust’ 138 see also stakeholder antitrust
antitrust – cont’d
price, fixation with 6, 7–8, 16, 17, 20, 30, 44–5, 65, 79–82, 85–90, 110, 134, 135, 137, 138, 139, 140, 179, 180, 181
as a religion 111
restraint of trade principle and 75, 80, 84
shareholder value and 35 see also shareholder value
Sherman Act, US (1890) and 51, 58, 73–6, 80, 82, 129, 211, 212
stakeholder antitrust see stakeholder antitrust
sustainable business practices and 86–8
technocratic field of experts mechanistically applying dated economic theories 7, 73
we already control corporate power with antitrust (Myth #4) 5–6, 72–93, 95, 125, 209
word/etymology 74, 74n, 211–12
Archer Daniels Midland (ADM) 41–2, 51
Arnault, Bernard 25
Asda 85
Aufsichtsrat (supervisory board) 158
Australian Securities and Investments Commission (ASIC) 161
auto industry 30, 39, 67, 99–100, 101, 103
autonomous vehicles 30
Aviva 158
Award for Responsible Capitalism 169
banana wars, UK 43
banks xiii, 3, 21, 27, 41, 57, 58, 66, 69, 96, 105, 113–14, 153, 155, 156, 159
bargaining power 25, 27, 40, 47, 55, 86
barriers to entry 28, 29, 51, 54, 60, 66, 67, 137
barriers to expansion 137
Ben & Jerry’s 106–7, 153, 153n
benefit corporation model 153–6, 161
Benetton x
Berkshire Hathaway 25
‘Better Regulation’ 59
Bezos, Jeff 25
BHS (British Home Stores) 116–17, 161
Big Tech 1, 15–16, 166 see also individual company name
B Lab 153
Bloomberg, Michael 25
passive boards of directors model 97, 98
stakeholder presence on xv, 143, 157, 158–60, 164, 166–7, 172
Boeing 21
Bonmarch x
Bork, Robert: The Antitrust Paradox 79–82, 88, 91, 92, 109, 129
British American Tobacco (BAT) 26, 59
British Broadcasting Corporation (BBC) 147
Buffett, Warren 25
business dynamism 22
Business Roundtable group 8
Cambridge Analytica 171
capital
flows to where there is opportunity 68–9, 158
myth of the efficient company and 35
propensity for accumulation 24, 27
public projects and private 96
shareholder risk capital 105
stakeholder antitrust and 158, 159
carbon emissions 34, 58, 155, 159
Carillion 57
cartels 41, 51, 54, 83, 86, 143
Cascade Engineering 154
C40 cities 173
charities 101, 107, 118, 161, 163
charters 88, 96–7, 128, 129, 130, 131, 146–7, 161
Chicago School of Economics 29, 36, 37, 39, 76–8, 83, 84, 89, 91–2, 128–9, 134–5, 140, 165, 212, 216
Chicago antitrust 78, 91–2, 140
Chicago School Mark I 76, 128–9
Chicago School Mark II 78, 129
‘Chicken of Tomorrow’ case 86–7, 180–81
chief executive officer (CEO) 158
chlorofluorocarbons (CFCs) 56
circular economy 173
City of London 179
civil rights movement, US 173
class, stock ownership and social 121
climate change 3, 8, 9, 10, 33–4, 58, 59, 60, 61, 62, 95, 105, 131, 133, 162, 163, 169, 173, 179
cloud computing 30
Coase, Ronald 38–9, 84, 95, 147
Coca-Cola: ‘PlantBottle’ 160
collective bargaining 70
collusion/collusive conspiracy 40–41, 42
Comcast 143
commissioner of corporations 161
Community Wealth Building 164
Companies Commission, UK, proposed 161
companies compete by trying to best respond to the needs of society (Myth #2) 5, 33–45, 47, 80, 94, 125, 209 see also shareholder value
definition/etymology of 2–4, 2n, 16–20, 30–31, 32, 212–13
myths of free market competition 2–7, 9–10, 15–122 see also myths of free market competition, six
stakeholder antitrust and see stakeholder antitrust
Competition and Markets Authority, UK 85, 136, 142
Competition Appeal Tribunal, UK 179–80
competition law see antitrust
competition regulator 83, 130–31, 136, 161
concentration, market/wealth/power xvi, 1, 11, 20–30, 32, 55, 60–61, 72, 73, 75, 77, 81, 85, 90, 93, 104, 126, 136, 172, 181, 212, 213
concentration ratio 213
Congress, US 161
consumerism 81
consumer welfare 17, 39, 40, 73, 79–82, 83, 83n, 92, 109, 115, 134, 139, 181
contractual bargaining power 27
COOK (frozen food company) 154
cooperatives 141, 153, 158, 173
corn-seed market 20
corporate abuse 2, 7, 12, 79, 108, 146
corporate law 11, 12, 74–6, 80, 84, 88, 103, 110–111, 128–31, 141, 144, 145, 163, 179, 181 see also individual area of corporate law
corporate power, benign nature of (Myth #3) 5, 46–71, 80, 94–5, 125, 209
economic power (power over the conditions of the market) and 55–9
free market competition generation of maximum ‘efficiency’ and 47–51
‘invisible hand’ of the market and 49, 68, 69
pristine monopolist 51–4, 75 see also power
corporate power, control of see antitrust and power
corporate responsibility 9, 88, 95–7, 109, 110, 118–19, 152, 156, 163, 165, 172 see also individual area of corporate responsibility
corporations regulator, independent 130, 142, 161
corruption 48, 58, 80, 115, 163–4
cost-benefit analysis 43
cost savings x, 25, 34, 43, 58, 78, 80, 133, 135, 136
Court of Appeals for the Seventh Circuit, US 42
Court of Justice of the EU (CJEU) 180
Credit Default Swaps 46
criminal records 64
customer switching costs 27
Deepwater Horizon oil rig disaster (2010), Gulf of Mexico 34–5, 43, 66, 150–51
Delaware Court of Chancery 100–101, 110–111
Deliveroo 56
Del Monte 43
Democratic Party, US 181
democracy
economic/corporate xii, xv, 1–2, 6, 10, 11, 75–6, 92, 97, 122, 127, 134, 138, 139, 145, 160, 164
political xv, 1, 3, 15, 19, 57, 63–4, 75–6, 80, 90, 92, 133, 162
Department of Agriculture, US 59
Director, Aaron 129
dissolution of companies in the public interest 7, 10, 75, 128, 129, 130, 142, 145, 146–7, 146n, 161
Divine Chocolate 158
DoubleClick 89
Dow 60
East India Company 96
‘economic power’ (power over the conditions of the market) 55–9, 78, 137, 171
economies of scale 64, 65, 80, 137, 141
Economist, The 30
efficiency xi, xiv, xvii, 5, 31, 34, 42, 46, 47, 50, 51, 59, 69, 70, 78, 79, 80, 81, 82, 92, 95, 102, 122, 126, 178, 213–14
efficient company, myth of the 35, 109
EU competition law and 83
free market competition generation of maximum 47
hidden waste of free markets 2–4
invisible hand and 69
maximizing profits as driver for 35
mergers and 21
public good as distraction from 37
of resource preservation 135
shareholder value and 39, 105, 114
stakeholder antitrust and 178
Eldon, Lord 104
electric vehicles 56
Elephants Delicatessen 154
Ellison, Larry 25
employee-elected council 158
enlightened shareholder value 102–3, 149
environment 3, 10, 18, 20, 31, 42–3, 66, 102, 104, 134, 141, 152–3, 156, 177–8, 178, 180, 180n
climate change 3, 8, 9, 10, 33–4, 58, 59, 60, 61, 62, 95, 105, 131, 133, 162, 163, 169, 173, 179
pollution xiv, 18, 19, 22, 38, 42–3, 48, 56, 65–7, 80, 134, 147–9, 159, 178
Ernst & Young 44
European Coal and Steel Community 173
European Commission 61, 88–9, 132, 137, 180, 181, 182
European Union 51, 61, 63, 64, 73, 82–4, 83n, 88–9, 132, 134–5, 137, 166, 174, 180, 180n, 181
externalities/spillovers
ability to create unregulated 26
antitrust thinking and 6, 110, 132–3, 134, 136
as category of market failure 18
competitive free market concept and 31, 32
defined 3–4, 18, 177–8, 214–15
leveraging 19
production of constitutes a method of unfair competition 135
shareholder value and 25, 39, 147–52
shifting costs onto society with 44
stakeholder antitrust and 126, 127, 128, 132–3, 134–5, 136, 147–8, 151, 152, 171, 177, 178
taxing 147
Extinction Rebellion 173
ExxonMobil 15
Fabian socialists 77
Facebook 1, 9, 15, 16, 29, 30, 42, 44, 57, 61, 62, 63, 64, 66, 67, 89, 142–3, 170, 178–9
fast fashion ix–ix, xi, xii, xiii, xvii, 4, 25, 33, 66, 105, 119, 150, 171, 172
FBI 41
Federal Communications Commission (FCC), US 143
Federal Trade Commission (FTC), US 132, 181
Fig Loans 154
financial crisis (2008) 3, 57, 58, 66, 116, 147, 171, 173
Five Forces model 40
Ford Motor Company 39, 99–100, 101, 103
author disillusionment with ix–xviii
competitive nature of (Myth #1) 5, 15–32, 46–7, 67, 94, 125, 209
market failure 17–18, 32, 50–51, 110 see also individual area of market
free market competition, myths of 1–10, 15–122 see also myths of free market competition
Freiburg School of ordoliberalism 83
Friedman, Milton 29, 36–8, 76, 77, 92, 97–8, 129
‘The Social Responsibility of Business is to Increase its Profits’ 37–8, 97, 98, 99
Galbraith, John Kenneth: American Capitalism 156–7
gender inequality, shareholder class and 120–21
General Motors 58
Georgetown University xii, 132
gig economy 56
Giridharadas, Anand 157
globalization 25, 90, 131, 133, 173
Google 1, 9, 15, 25, 28, 30, 44, 61, 62, 63, 64, 67, 89, 157, 179
Greenpeace 59
Greenspan, Alan 58
greenwashing 161
Greyston Bakery 107
Guardian Media Group 155
Haldane, Andy 148
Harvard Business Review 97, 120
‘Harvest King’, case 41
Hayek, Friedrich 37, 76–8, 82, 92, 97
Hirfindahl-Herschman Index (HHI) 213
Hollywood Studio System 84
Honest Company 161
I.G. Farben 77
incorporation 10, 74–5, 93, 96, 97, 110, 127, 130, 145, 153
inequality xiv, 28, 46, 80, 89, 90, 104, 120, 122, 127, 132, 133, 171, 177
shareholder value and 24–6, 104, 122
stakeholder antitrust and 127, 133, 171
The Informant! (film) 41
information asymmetries 27
InHouse Records 154
innovation xvii, 5, 16, 31, 32, 34, 35, 46, 50, 51–4, 56, 89, 93, 98, 115, 137
Instagram 89
Institute of New Economic Thinking 173
Institute of Public Policy Research 161
institutional investors 108–9, 110–111
insulin 53
intellectual property rights 27, 53, 60, 96
internet 15, 28, 29–30, 53, 62, 63–4, 107–8, 174
brain and 62
competition and 15–16, 28, 29–30
political reality, power to shape 63–4
publicly funded research and 53 see also individual internet company name
iPhone 53
‘invisible hand’ of the market 49, 50, 68, 69, 78, 82, 92, 102, 105, 132
John Lewis 158
Kahneman, Daniel 48
Keynes, John Maynard xiv
Khan, Lina 55, 59, 81, 89–90, 137
Kickstarter 155
Kochan, Thomas 118
Labour Party, UK 164
Lancet, The 60
Landis, James 64
landline-only phone contracts 21
Laureate Education 156
licensing corporations, history of 96–104
limited liability 95–6, 128–9, 146–7, 166, 178, 179
lobbying 58, 59–61, 63, 64, 66, 140
London School of Economics 77, 216
Looney Tunes: Daffy’s Inn Trouble 18, 31
Louis Vuitton 25
Luhnow, Harold 92
lung cancer 62
managerial capitalism 97
marginal productivity theory 49
market see free market
Marxism 121
Massmart 143
MasterCard 20
Matalan x
Mayer, Colin 105
Mazzucato, Mariana 53
McDonald’s 85
medicalization, mass 62
mergers xii–xiii, xiv, 51, 73, 133
Bork and 81
employees and 85
Facebook and 42
Greenspan and 58
mega mergers 60
number of 88
political interference in 139–40
regulation of 73, 84, 86, 88–9
stakeholder remedies and 141, 142
Michigan Supreme Court 100, 101
Microsoft 15, 16, 30, 44, 54, 58
Mission Councils 157
mobile telephony 21
monopoly xvii, 9, 15, 19, 20–21, 22, 24–5, 27, 28, 32, 73, 110, 118, 172, 215
Chicago School and 29, 76, 77, 78, 80–81, 83, 91–2
‘countervailing power’, and 156–7
defence of dominant market position by 29–31
Friedman and 29
Greenspan and 58
natural monopoly 215
political interference and 139–40
potential entry as a restraint on 29–30
prices and 24, 25, 26, 29, 30, 32, 51, 52, 53, 54, 55, 65
set prices in their markets, the trajectory of innovation and the balance of social harm and benefit 93
stronger enforcement against 44–5, 128, 129
monopsony (market power of a buyer, as opposed to a seller) 84, 84n, 85, 215
Monti, Mario 83
Mont Pelerin Society 37, 77–8, 91, 97, 216
Myanmar 63
myths of free market competition 2–7, 9–10, 15–122
Myth #1 Free markets are competitive 5, 15–32, 46–7, 67, 94, 125, 209 see also free markets
Myth #2 Companies compete by trying to best respond to the needs of society 5, 33–45, 47, 80, 94, 125, 209 see also shareholder value
Myth #3 Corporate power is benign 5, 46–71, 80, 94–5, 125, 209 see also corporate power, benign nature of (Myth #3)
Myth #4 We already control corporate power with antitrust 5–6, 72–93, 95, 125, 209 see also antitrust
Myth #5 The law requires companies to maximize financial value for shareholders 5, 6, 94–112, 125–6, 209 see also shareholder value
Myth #6 We are all shareholders; we all benefit from the corporate focus on shareholders’ interests 5, 6, 113–22, 126, 210 see also shareholder value
National Chicken Council 59
National Meat Association, The 59
natural commons, preservation of the 135
natural monopoly 215
NBCU 143
neoclassical economics 47n, 73, 80, 139, 140, 212, 216
neoliberalism 4, 6, 7, 29, 37, 38, 54, 70–71, 76, 78, 81, 82, 92, 111, 134–5, 166, 212, 216
Netflix Originals 84
net zero emissions 155
New Deal, US 77
new entrants, threat of 40
New York Times Magazine 37
non-compete clauses 85
OECD 60
Office of United States Corporations, Department of Commerce 161
oil industry 9, 15, 20, 23, 34–5, 58–9, 61, 66, 72, 73–4, 95, 98, 146, 151, 155
Onavo 42
Oracle 25
ordoliberal school, German 82–3
Ørsted 155
Ortega, Amancio 25
ownership funds, inclusive 164
Oxfam 119
Ozanne, Adam 69
Page, Larry 25
Patagonia 155
patent protections 53
pay, executive 27, 50, 98, 118–20 see also wages
payday lending 46
people-powered companies 122
pension funds/assets 115, 116, 117–18, 120, 122, 151, 164
Pentagon 58
personal information, commercialization of 15
personal wealth, concentration of 23–8
pesticide market 20
pharmaceutical industry 1, 53, 62, 88
politicization, antitrust 139–41
political power 10, 55, 59–67, 130, 136, 137, 171
lobbying 59–61 see also lobbying
power to shape the political reality 63–5
pollution xiv, 18, 19, 22, 38, 42–3, 48, 65–7, 80, 134, 147–8, 159, 178
popular capitalism 115
Porter, Michael 40
Posner, Richard 78
power
accumulation of xvi, xvii, 1–2, 4, 6, 11, 19, 26–30, 32, 122, 127, 128, 129, 131, 133, 136, 141, 171
antitrust fixation with price over 6, 7–8, 16, 17, 20, 30, 44–5, 65, 79–82, 85–90, 110, 134, 135, 137, 138, 139, 140, 179, 180, 181
bargaining power 25, 27, 40, 47, 55, 86
corporate power as benign (Myth #3) 5, 46–71, 80, 94–5, 125, 209
corporate responsibility and 8–9
economic power (power over the conditions of the market) 55–9, 76, 78, 137, 171
power – cont’d
free market competition creation of xv–xvii, 1–2, 4, 5–6, 32, 125, 209
‘market power’, antitrust narrow focus on 54, 55, 65
political power 10, 55, 59–67, 130, 136, 137, 171
stakeholder antitrust focus on 10–12, 129, 130, 133, 134, 135, 136, 137, 138, 139, 140, 179
taxonomy of 137
we already control corporate power with antitrust (Myth #4) 5–6, 72–93, 95, 125, 209
pre-distribution within company 148
preference maps 48
Presidential elections, US
(2016) 63
(2020) 132
prices xiv, 6, 19, 40, 41, 44, 45, 46, 104
antitrust fixation with 6, 7–8, 16, 17, 20, 30, 44–5, 65, 79–82, 85–90, 110, 134, 135, 137, 138, 139, 140, 179, 180, 181
consumer welfare and 17
cost cutting and 43
as expression of free market ideology 69
fixing of/cartels 40, 41, 51, 52, 53, 54, 83, 86, 143
market power and 20, 25, 26, 29, 32, 54, 65, 70
mergers and 21–2, 89–90, 172–3
monopoly and 24, 25, 26, 29, 30, 32, 51, 52, 53, 54, 55, 65
‘negative externalities’/‘spillovers’ and 18, 67, 134, 136, 177–8
stakeholder antitrust and refocus on power not 122–3, 125–67, 170–75, 179
Primark x
privacy violations 15, 16, 62, 67, 90, 141
private sector xv, 50, 53, 151, 156, 163
productive efficiency 214
productivity x, xvii, 22, 27, 43, 46, 49, 50, 133, 159
‘profit with purpose’ movement 155
property rights 27, 47, 53, 96, 147, 148
Public (social design practice) 154
public interest director 160
public services, outsourcing 57
Pukka Teas 157
racial divide, stock ownership and 121
Railtrack 94
Rana Plaza, collapse, Bangladesh (2013) ix–x, xi, xii, xiii, xvii, 4, 25, 33, 105, 119, 151, 171, 172
Rand, Ayn: Atlas Shrugged xiii
Randall, James 41
Raworth, Kate: Doughnut Economics 173, 177, 214
Reagan, Ronald 92
redistribution 6, 26, 28, 31, 70, 122, 133, 148, 171
referendum on membership of the EU, UK (2016) 63
regulation see antitrust
Reich, Robert 69
remuneration committees 27
rents 24, 26, 66, 132, 133, 135, 136, 151, 152, 159, 171, 178
research and development 51, 52, 53
restraint of trade 75, 80, 84, 146
Richer Sounds 158
Rockefeller, John D. 72
Rohingya people genocide 63
Royal Dutch Shell 26
Sagoff, Mark 48
Sainsbury’s 85
Sanders, Bernie 9
Schumpeter, Joseph 51–2, 53, 98
Seattle Chamber of Commerce 86
Second World War (1939–45) 97
securities analysts 108
ShareAction 118
shareholders 4
everyday shareholders/popular capitalism 114–18, 120, 121
executive pay and prioritization of 118–20
funnelling of corporate profits towards 23–6
gender inequality and shareholder class 120–21
lack of knowledge about 116
protection of the shareholder over and above any other constituency 116–17
racial divide in stock ownership 121
returns act as a signal to investors argument 105–6
social class and share ownership 121
shareholder value see shareholder value
stakeholder antitrust and 125, 126, 129, 130, 136, 141, 142, 144, 145, 147, 148, 149, 150, 151, 153, 156, 158, 159, 160, 161, 164–5, 166 see also stakeholder antitrust
the law requires companies to maximize financial value for shareholders (Myth #5) 5, 6, 94–112, 125–6, 209 see also shareholder value
we are all shareholders; we all benefit from the corporate focus on shareholders’ interests (Myth #6) 5, 6, 113–22, 126, 210
shareholder value (that companies should maximize profits for shareholders only) xiii, 8, 25, 35–8, 145, 217
competition between shareholder value companies 38–45
corporate public responsibility and 95–8, 109, 110, 118–19
endurance/existence of (how shareholder value endures in practice) 104, 106–7
everyday shareholders/popular capitalism and 114–18, 120, 121
Friedman and 36–8, 77, 97–8, 99
history of idea 35–8, 77, 97–8, 99–104
shareholder value – cont’d
legal myth of (the law requires companies to maximize financial value for shareholders (Myth #5) 5, 6, 94–112, 125–6, 209
licensing corporations, history of 96–104
limited liability and 95–6, 166
negative flow of cash from stock market to companies and 105
shareholder and managerial interests, alignment of 109
shareholder returns act as a signal to investors argument 105–6
shareholder value company 35–6
stakeholder antitrust and 129, 130, 136, 141, 142, 144, 145, 147, 148, 149, 153, 158, 161, 166, 170, 171 see stakeholder antitrust
‘The Global Syndemic’ and 60
total extraction of corporate value by shareholders 116–17
unlimited liability and 95, 96
share of throat xii
sharp practices 147
Sherman Act, US (1890) 51, 58, 73–6, 80, 82, 129, 211, 212
size, company 1–2, 4, 8, 54–5, 57–9, 137, 157, 174
Skype 16
Slim, Carlos 25
Soap.com 89
social enterprises 152
social networking 1, 9, 15, 29, 30, 42, 44, 57, 61, 62, 63, 64, 67, 89, 142–3, 170 see also individual social network name
socialism 38, 39, 76, 77, 78, 97–8, 126
Soros, George 61
spillovers see externalities/spillovers
stagflation (combination of inflation and unemployment) 98
stakeholder antitrust 10–12, 125–75, 178, 179
‘benefit corporation’ model 153–6
board structure 143, 157–60, 164, 166, 167, 172
charters, forcing companies to seek government 96–7, 128–31, 146–7, 161
competition regulator 130–31, 136, 161
corporate social responsibility, promoting 127, 128, 145–7
corporations regulator, independent 130, 142, 161
directors, broadening the responsibilities of 149–50
dissolution, threat of 128, 130–31, 145, 146–7, 146n, 161
employee-elected councils 157
externalities, making companies internalize the costs of 147–8
incorporation, nature of 127, 130, 145, 152–6
limited liability, removal of 128–9, 146–7, 166, 178, 179
Mission Councils 157
models of investment 158
natural commons, preservation of the 135
ownership, broadening 164
ownership funds for workers 164
participative antitrust principle 138–9
politicization/corruption and 139–41
pre-distribution within the company, through corporate governance 148
public interest director 160
shareholder value corporation, rethinking 145–7
shareholder value, replacing the mythology of 147–8
stakeholder-friendly jurisdictions 159
stakeholder infrastructure 162–3
stakeholders interests to be ‘weighed explicitly’ 148–9
stakeholder participation 130–31, 138–9, 157, 159, 163
stakeholder rights of influence and control over the company 148
stakeholder value companies 149, 151–6
steering profit generation towards products, services and operations that actively serve communities and contribute to the public good 149
taxing spillover producing activity 148–9
Standard Oil Trust 72, 73, 146
Steinbeck, John: The Grapes of Wrath 113–14
Stigler, George 165
stock market 1, 25, 105, 115, 120 see also shareholder and shareholder value
Stoller, Matt 30–31; Goliath: The 100-Year War Between Monopoly Power and Democracy 212
strategic market status 166
subprime mortgages 46
substitute products, threat of 40
‘super salaries’ 27
suppliers x, 2, 39, 40, 43, 55, 56, 84, 102, 106, 107, 132, 138, 156, 160, 167
Hobby Lobby (2014) 103
sustainable business practices 86–8
‘Syndemic, The Global’ – the synergy of three connected global epidemics (obesity, undernutrition and climate change) 60
Taiwan, Digital Minister in 163–4
taxation
accumulation of power/money and 26, 122
avoidance 15
bank bail outs and 105
BHS and 117
gasoline 48
high prices and 55
income redistributed via progressive 28, 31, 70, 71
taxation – cont’d
income tax 50
lobbying and 60
shareholder value and 103, 104
US states and 74
Tazreen factory fire, Dhaka (2012) x
Teachout, Zephyr 55, 59, 137, 166
tech sector see individual company name
Tencent 15
Tesoro Corporation 143
Thatcher, Margaret xiii, 92, 115, 156, 164
Toast Ale 158
trade unions xiii, 25, 26, 70, 97, 138, 140, 156, 163, 171
training, stakeholder 163
Treaty on European Union 180, 180n
Treaty on the Functioning of the European Union (TFEU) 180, 180n
trickledown economics 49, 50, 102, 114
Triodos Bank N.V. 155
Tyrie, Lord 136
Tyson 60
Uighur people, human rights violations against 63
U.S. Steel 64
venture capitalists 30
‘vigilance’ law, French 165
Vine 42
Visa 20
Vorstand (executive board) 158
wages xiii, 21, 22, 25, 43, 49, 50, 56, 70, 84–5, 87, 133, 159, 171
waste
public sector 50
Watergate scandal 98
Waze 89
welfare state, British 77
Wesling, Kresse 154
Whitacre, Mark 41
Whole Foods Market 89
Wiener, Norbert 93
William Volker Fund 92
Wilson, Charles 58
witnesses, expert economic 63
workers:
rights 2, 3, 15, 25, 56, 66, 71, 157
shareholding and 24
wages see wages
welfare ix–x, xi, xii, xiii, xvii, 4, 25, 33, 105, 119, 133, 151, 171, 172
World Health Organization (WHO) 62
Wu, Tim 81, 89; The Curse of Bigness: Antitrust in the New Gilded Age 212
Zappos 89
zero hours contracts 56