Churchill's Horses and the Myths of American Corporations

The large public corporations powering the U.S. economy—Churchill's Horses, in Bogie's metaphor—are underachievers, and all of us are paying the price. Why? The reasons are shrouded in the myths that these corporations use to mask their great power and disguise the interests it serves. Myth: the shareholders who own a public corporation control it by electing the directors who govern it. Anti-Myth...