Introduction

To persuade the public of the legitimacy and benefits of the economic system and ignore its deficiencies, a variety of myths had to be created and promoted. The myths depict an imaginary free market utopia predestined by nature, based on scientific principles and imbued with rationality, self-interest and justice. The myths, rich in uplifting jargon such as freedom, choice and individualism, are used to justify the system’s unfairness. They serve as a substitute for concrete evidence to support claims of economic and moral superiority. The myths usually have a common denominator, the conclusion that the system’s rewards should flow upward to a small group who just happen to possess economic power and political influence. These myths are the subject of this book.