Against stakeholder capitalism

Coinbase and Basecamp seem to be doing quite well, even though the woke mob predicted otherwise. Both companies broke with the current American trend of activist capitalism, where a company is expected to make statements and profess support for the current political trends, no matter how hollow such are.

I think they, and others that have followed, are right. A company does not exist to further political agendas.

I am still against the idea of pure profits that Milton Friedman argued in his “The Social Responsibility of Business is to Increase its Profits” but a shareholder capitalism isn’t just about profits for the company.

The activist capitalism, or stakeholder capitalism, has again and again shown that it is a lie. And not only that, it was a hollow shell ready to be taken over by foreign, and possibly  hostile, interests:

Once corporations become vehicles to further an agenda other than shareholder value, they become vehicles to advance any agenda, including those of foreign adversaries.

[…]

The net effect of companies like Airbnb bemoaning every microaggression committed against every black, brown or trans person in the United States while staying silent when it comes to genuine human-rights atrocities in China — cramming more than one million Uighurs into concentration camps; forcibly sterilizing them; and criminalizing the practice of Islam — is to create the impression that China is our equal when it comes to civil liberties.

Sure enough, when E.U. officials, in late 2020, pressed Xi Jinping about human-rights abuses in Xinjiang, the home to most of China’s Uighurs, Xi shot back that the very existence of Black Lives Matter is proof that the United States is no better than China. When State Department spokesperson Morgan Ortagus criticized Beijing for its crackdown on Hong Kong demonstrators, in late May 2020, Chinese Foreign Ministry spokesperson Hua Chunying tweeted: “I can’t breathe,” a not so subtle allusion to Black Lives Matter. In March, China’s top diplomat, Yang Jiechi, lambasted the United States for “slaughtering” black Americans, adding that China hopes America will do better on human rights.
— Vivek Ramaswamy, “Stakeholder Capitalism Is a Trojan Horse for China

And it’s very easy to find examples involving China:

American corporations are some of the most cravenly institutions imaginable, willing to bend whichever way the wind is blowing at a moment’s notice. According to the NYT, airlines now refer to Taiwan as part of China
Erik Hoel

Taiwan also no longer exist according to Copenhagen Zoo. I don’t think the pandas are worth it.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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