Stakeholder Capitalism Is a Trojan Horse for China: It may be good for companies Airbnb, Nike and Disney. But it's terrible for America.
This corporate hustle is the subject of a new, bestselling book called Woke Inc: Inside Corporate America’s Social Justice Scam by biotech entrepreneur Vivek Ramaswamy. Ramaswamy makes the compelling case that “stakeholder capitalism” sounds like a good thing, but is in fact deeply damaging our democracy.
China may be the most prominent example of stakeholder capitalism gone awry, but it is hardly alone.
Any number of American corporations now lavishing untold sums of capital on diversity, inclusion and equity initiatives in the United States are eager to do business in countries with reprehensible human-rights records
..So persists an inescapable contradiction of stakeholder capitalism: All of these corporations have successfully rebranded themselves as good citizens, global stewards and combatants in the war against systemic racism, which has obviously proven good for business, but very bad for America, blurring the moral distinction between democracies and closed societies, between the free West and fear-based societies like China.
And because this business strategy is dressed in the garments of justice, it only compounds our innumerable confusions about what makes us us.
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