Top investors are aware that woke capitalism is a farcical concept
This is an adapted excerpt from “Go Woke, Go Broke: The Inside Story of the Radicalization of Corporate America” (Center Street, August 6).
Wokeism in the corporate world, whether through ESG or DEI initiatives, is often seen as a sham on multiple levels.
While Google is praised for its ESG efforts, questions arise about its enforcement of speech codes within its workforce, exemplified by the case of James Damore, a Google engineer who was fired for calling out left-wing bias within the company.
Similarly, Apple and Tesla, despite their environmentally friendly images, are not immune to criticism. Larry Fink, CEO of BlackRock, a major financial institution, has shed light on the paradox of ESG compliance in the production of products like iPhones and electric car batteries.
Despite his influence and advocacy for ESG, Fink recognizes the contradictions within the system, acknowledging the detrimental impact of mining practices for essential minerals used in technology production.
Furthermore, the push towards ESG and stakeholder capitalism in corporate America has been linked to increased income inequality, with top earners benefiting disproportionately while the working class struggles.
While the intentions behind ESG and woke capitalism may be noble, the realities on the ground paint a different picture. The persistence of inequalities in corporate leadership, unemployment rates, and poverty levels suggest that the current approach may not be as effective as originally envisioned.
