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over the last 50 years. Like all revolutions, the woke one at the workplace started small: Woke academics writing papers on the economic benefits, seminars airing those beliefs at places such as the World Economic Forum in Davos, Switzerland.
“Since 1978, Business Roundtable has periodically issued Principles of Corporate Governance,” the Roundtable advised its members. “Each version of the document issued since 1997 has endorsed principles of shareholder primacy—that corporations exist principally to serve shareholders. With today’s announcement, the new Statement supersedes previous statements and outlines a modern standard for corporate responsibility.
Stakeholder capitalism means that companies don’t just make money, they need to take a political stand that is always left of center for reasons that will become apparent. Its embrace of progressivism is all-encompassing: hiring, firing, investing, even advertising. In stakeholder capitalism, the corporation doesn’t place ads to sell products, it advertises to sell woke politics.
He also promulgated the theory that CEOs were trained to be good at certain narrow things, such as growing a business and serving shareholders, so they should stick to it. Leave the touchy-feely stuff to the political class. Unlike politicians, CEOs weren’t elected to make the world a better place. If they tried, they would f*** it up.
Friedman, one of history’s great economists, died in 2006, but not without leaving his mark — that is until Business Roundtable came along and tried to make him an economic asterisk. In the 1980s through the 1990s and well into the new millennium, when Friedman’s influence reigned supreme, the United States witnessed an economic revival from the malaise of the 1970s. The tech revolutions created wealth like never before.
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