(Remember back in those evil ’80s when the corporations you invested your hard-earned cash in were actually supposed to make money? – DD)
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(Daily Wire) – It used to be conventional wisdom in the field of economics that corporations should do everything they can to make a profit and maximize shareholder value. That was the whole point of a corporation. It was taught in every high school econ textbook, just like the principle of supply and demand, there was this idea that, if for some reason a corporation decided to spend a ton of money on social causes, instead of growing the business, then they were doing something wrong. They were misusing shareholder funds. They were engaging in a form of social engineering, which is unethical, and maybe even illegal. Pretty much everyone agreed with that.
In the last decade or so, though, this reasoning has fallen completely out of favor. Major corporations now see social engineering as their primary objective, whatever the consequences might be. Blackrock and Vanguard are fixated on E.S.G. scores, which means making sure that companies are promoting values like “sustainability” and “inclusivity” and so on. They care about E.S.G. more than profitability in some cases.
You often hear this phenomenon being described as “wokeness.” But that doesn’t fully capture what’s happening…