Tag Archives: stakeholder capitalism

Sam Bankman-Fried Bought Into Stakeholder Capitalism And Proved It’s A Disastrous Ideology, by Tyler Durden

Sam Bankman-Fried, bankrupt former billionaire, was the epitome of woke capitalism. From Tyler Durden at zerohedge.com:

While many analysts and economists will be talking for months about the epic downfall of crypto-exchange company FTX and its founder Sam Bankman-Fried, their focus will be primarily on the billions lost, the mismanagement of funds, the fraud inherent in yield farming and the alleged betrayal of investor trust.  This is a tale as old as time and not anything surprising.  What many in the mainstream are missing, though, is Fried’s attachments to the World Economic Foundation, various global elitists and his avid sermonizing of the tenets of “effective altruism”, which are nearly identical to the tenets of Klaus Schwab’s Stakeholder Capitalism agenda.

The WEF lists FTX as a corporate “partner” and participant, which means the company must meet the globalist organization’s standards for Stakeholder Capitalism, a socialist economic model which deconstructs the Adam Smith and Milton Friedman free market foundation.

Milton Friedman argued that the only responsibility of business should be growth and profit (within the boundaries of the law) with the shareholders in mind.  The WEF insists that the Friedman philosophy must be abandoned and that the job of wealthy elites and corporations is to use profits as a tool for managing society (the so-called “stakeholders”).  In other words, corporate leaders should become cultural and political leaders fulfilling greater ideological goals, all of them decidedly socialist/Marxist in origin.

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The WEF’s Stakeholder Capitalism Is Just Global Fascism By Another Name, by Brandon Smith

Somehow people who don’t put up a dime are supposed to have the same say in corporations as the actual shareholders. It’s a crock. From Brandon Smith at alt-market.com:

The concept of “fascism” was originally entered into the Encyclopedia Italiana by Italian philosopher Giovanni Gentile, who stated that “Fascism should more appropriately be called corporatism because it is a merger of state and corporate power.” Benito Mussolini would later take credit for the quote as if he had written it himself, but it’s important to note because it outlines the primary purpose of the ideology rather than simply throwing the label around at people we don’t like as a dishonest means to undermine their legitimacy.

Despite the fact that leftists today often attack conservatives as “fascists” because of our desire to protect national boundaries and western heritage, the truth is that all fascism is deeply rooted in leftist philosophies and thinkers.

Mussolini was a long time socialist, a member of the party who greatly admired Karl Marx. He deviated from the socialists over their desire to remain neutral during WWI, and went on to champion a combination of socialism and nationalism, what we now know as fascism. Adolph Hitler was also a socialist and admirer of Karl Marx, much like Mussolini. It is actually hard to find where Marx, the communists and the fascists actually differ from each other – A deeper sense of nationalism seems to be one of the few points of contention.

Though Marx saw the existence of nation states as temporary to the proletariat and to the ruling class, he noted that the industrialists were erasing national boundaries anyway. Marx argues in the Communist Manifesto with some optimism:

“National differences and antagonisms between peoples are already tending to disappear more and more, owing to the development of the bourgeoisie, the growth of free trade and a world market, and the increasing uniformity of industrial processes and of corresponding conditions of life.”

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Stakeholder Capitalism Is a Trojan Horse for China, by Vivek Ramaswamy

Stakeholder capitalism, which is not capitalism at all, is just a way to broaden the number of people who have a non-shareholding “stake” in a company. Eventually you broaden the stakeholder pool so much that everyone is considered a stakeholder. When everyone has a stake, nobody does except the government, and you’ve morphed shareholder capitalism into stakeholder communism. From Vivek Ramaswamy at bariweiss.substack.com:

It may be good for companies Airbnb, Nike and Disney. But it’s terrible for America.

LeBron James takes part in the final of NIKE RISE at Jiangwan Stadium on August 18, 2015, in Shanghai, China. (Visual China Group via Getty Images)

“Stakeholder capitalism” may not be a phrase you are intimately familiar with, or it may be a phrase that makes your eyes glaze over. But it’s definitely something you’ve witnessed.

Let me give you an example:

This May, when the actor John Cena was promoting the latest movie in the “Fast and Furious” franchise, he called Taiwan a country. This, needless to say, displeased China — and Cena offered a groveling apology. “I love and respect China and Chinese people. I’m very very sorry for my mistake,” he said in Mandarin on Chinese social media.

Here’s another:

Last summer, while Uber was putting out soaring statements about becoming an anti-racist company — it promised, among other pledges, to implement anti-racism education for riders and drivers in California — the company was pushing for Prop 22, which allowed the company to continue to classify its drivers as independent contractors rather than employees.

So “stakeholder capitalism” is the kind of gauzy expression that suggests a freer, fairer, more diverse, environmentally and LGBTQ-friendly world. But in reality it is something far different. It looks, in the case of Cena, like an American movie star doing the bidding of the Chinese Communist Party. In the case of Uber, assurances about “antiracism” allowed the company to distract the public from a political issue with real economic stakes.

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. He explains why in the essay below. — BW

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Is “Stakeholder Capitalism” Newspeak for Economic Fascism? by Mark Hornshaw

Under stakeholder capitalism, people with no economic interest in a company get to tell the people who do have an economic interest how to run their company. From Mark Hornshaw at activistpost.com:

Leaders of the World Economic Forum are seeking to implement a Great Reset of capitalism whereby “global stakeholders” cooperate to achieve “shared goals.” In the true spirit of not letting a crisis go to waste, they see the COVID-19 pandemic as presenting a unique opportunity to push their agenda.

“The level of cooperation and ambition this implies is unprecedented. But it is not some impossible dream,” World Economic Forum Executive Chairman Klaus Schwab recently observed. “In fact, one silver lining of the pandemic is that it has shown how quickly we can make radical changes to our lifestyles.”

Of course, when they say “our lifestyles” they mean your lifestyle, not their own. Their preferred vehicle for achieving their goals is other people’s businesses. In short, what they want is for private businesses to serve the interests of their own curated list of stakeholders rather than (as they see it) concentrating on returning profits to business owners. They want governments to pass laws and tax regimes to cajole businesses towards their favored ends. Since this arrangement still involves a modicum of private ownership of the means of production, they call it “Stakeholder Capitalism.”

It is important to recognize the subversive use of language here. Such a system is all about sidelining the true stakeholders, and undermining capitalism. This is Orwellian Newspeak at its best, since it misuses the word “stakeholder” and is actually closer to economic fascism than capitalism.

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