Powell’s memo serves as a useful starting point for understanding how the transformation of the corporate system that began in the 1970s set the stage for today’s global health problems. “No thoughtful person can question that the American economic system is under broad attack,” wrote Powell. “The assault on the enterprise system is broadly based and consistently pursued. It is gaining momentum and converts.” “One of the bewildering paradoxes of our time,” Powell continued, “is the extent to which the enterprise system tolerates, if not participates in, its own destruction.” He enumerated the system’s enemies: well-meaning liberals, government officials intent on regulating business, news media, student activists, and an emerging environmental and consumer movement— especially its most visible leader, Ralph Nader, in Powell’s view “the single most effective antagonist of American business.”
Powell called on business, especially the Chamber of Commerce, to end its “appeasement” of its critics and launch an aggressive and systematic counter-assault. The memo warned that “independent and uncoordinated activity by individual corporations, as important as this is, will not be sufficient. Strength lies in organization, in careful long-range planning and implementation, in consistency of action over an indefinite period of years . . . and in the political power available only though united action and national organizations.”
Powell urged new, well-funded public media campaigns to support the free enterprise system, the creation of think tanks and institutes to develop policy proposals and “direct political action” in legislative and judicial arenas. “It is time,” he argued, for “American business . . . to apply their great talents vigorously to the preservation of the system itself.” Powell’s “confidential” memo was first circulated within the Chamber of Commerce, then released in 1972 by investigative reporter Jack Anderson during the Powell Supreme Court confirmation hearings. While the document may not have been the blueprint for the rise of the Republican right that some analysts claim, its real value is as the articulation of the corporate prescription for capitalism’s ills.