Tel +44(0)1382 344857 Fax +44(0)1382 348421 Acknowledgements I would like to particularly thank (chronologically) Rob Gray, Lee Parker and George Frankfurter for their advice and encouragement in the development of this paper. I would also like to thank David Power, Lorna Stevenson, and other departmental colleagues for very helpful comments, and also participants at seminars at the University of Glasgow and at Glasgow Caledonian University, and at the APIRA 2001 conference at Adelaide. I am extremely grateful to Sara Reiter, who was discussant of the paper at APIRA, for many very insightful comments and suggestions. Finally I am grateful for the very helpful critiques received from the anonymous referees.
AbstractThis paper examines the nature of propaganda and its use by corporations, particularly in the US, over a period of nearly 100 years. It emphasises the invisibility of much of this activity and propaganda's importance for shaping acquiescence in corporate hegemony. The role played by corporate propaganda in the development of different forms of capitalism is addressed. The inculcation of accounting and finance students with values that serve corporate interests is considered: in this context propaganda is inferred in both the longstanding misrepresentation of Adam Smith, and the sustained illusion of competitive "free markets". The role and language of the business media as a form of propaganda is considered, particularly regarding colonisation of social market economies by Anglo-Saxon capitalism which takes as incontestable the maximisation of shareholder value as the proper and necessary aim of corporate activity. It is argued that corporate propaganda has contributed to the accounting measure of business success being justified as an end in itself at the explicit expense of wider societal considerations. purported rationale and its outcomes. Rather it aims to identify, and also to postulate, certain potentially discernible processes by which Anglo-Saxon capitalist ideology is sustained and may be extended. It considers how highly contestable ideas and values may be rendered uncontentious -both within and beyond the technical discourse of accounting and finance.Accounting and finance practices (and related education and research activity [7] ) are themselves part of the apparatus which maintains the ideological status quo (see, for example, Burchell et al.