Apparently, the “woke left” in America is a big fan of free market capitalism and investing.
At least, that’s what Slate’s Andrew Petillon would have us all believe in his recent article, “The Republican War on ‘Woke Capitalism’ Is Really Just a War on Capitalism.”
That is nothing more - and nothing less - than a well-constructed lie.
Woke Capitalism and ESG
Some definitions of terms are in order.
According to The Economist, “woke capitalism” involves public campaigns that appeal to millennials, who typically hold more socially liberal views and are arguably less informed on what free market capitalism is than prior generations.
So-called “woke capitalism” is also sometimes referred to as “ESG investing,” which itself has various meanings. The acronym ESG stands for “environmental, social, and governance.” It’s a vague categorization or standard applied to companies and investors to determine how, for lack of a better word, “woke” they may or may not be.
Domestically, ESG is a metric for woke capitalism. Some of the main concepts surrounding ESG are climate change, sustainability, green technology, social justice causes such as workers’ rights, working conditions, changing social norms, exploitation of minorities, and so forth. There is also the aspect of governmental oversight or promotion of those causes. A company or investor’s ESG ranking may be the determining factor for investment or even boycotts.
The Fascism of Stakeholder Capitalism
Woke capitalism embraces the idea of “stakeholder capitalism.” Stakeholder capitalism, which is what the Business Roundtable and the World Economic Forum (WEF) call for, demands that companies toe the ESG line, not necessarily to private shareholders, but to the often unelected and their woke socialist standards. The latter include equality of outcomes, hiring decisions, diversity requirements, income equality, and more. Shareholders like you and I are not part of the plan.
Obviously, ESG has both red and green leftist political and ideological preferences that marry business with government policymakers, not merely business and shareholder interests. That, by the way, is fascism.
But to those on the left, ESG or woke capitalism is also virtuous capitalism because they believe that companies ought to behave, invest, and produce what the woke mob determines is correct. Those companies that don’t comply must be punished and, if possible, driven out of business. As the ESG trend and political influence progress, it exercises more control—behavioral and political—over all companies, public and private. That’s the end goal for woke capitalism.
In short, the ESG investing agenda is an attempt by the U.N. and the WEF, both supranational organizations, to arbitrarily impose their will on private and public companies. The objective is to compel them to comply with their woke standards, not U.S. laws, to determine how they should operate, what policies they should have, who they should do business with, and what political and social agenda they should promote within their organization, even who they can have on their boards of directors.
ESG is indeed a weapon that’s being used to attack Americans’ liberty, the traditional U.S. capitalist economy, and its millions of big and small businesses. ESG needs to be destroyed before it destroys us.