The Folly of 'Woke Capitalism'

The Folly of 'Woke Capitalism'
AP Photo/Francois Mori

On August 24, the Manhattan Institute held an eventcast on the rising trend of environmental, social, and governance (ESG), titled “Stakeholder Capitalism and the Future of American Democracy.” President Reihan Salam interviewed Vivek Ramaswamy, a biotech entrepreneur and founder and CEO of Roivant Sciences.

For background, ESG criteria are a set of standards for a corporation’s operations utilized by “socially conscious” investors to screen potential investments. Environmental criteria, for instance, consider how a company performs as a steward of nature in abating climate change. Social criteria look at managing relationships with suppliers, customers, employees, and local communities. Among other things, governance deals with a company’s leadership, executive pay, and shareholder rights.

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