by James Gorrie at The Epoch Times via ZeroHedge
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.