Submitted by Rupert Darwall, originally published in Real Clear Energy,
Judged by BlackRock CEO Larry Fink’s latest letter , January 2022 might turn out to be the highwater mark of woke capitalism. Stakeholder capitalism is not “woke,” Fink says, because capitalism is driven by mutually beneficial relationships between businesses and their stakeholders. He’s right. What Fink describes is capitalism pure and simple, the stakeholder modifier adding nothing to the uniqueness of capitalism in harnessing competition and innovation for the benefit of all. Fink’s shift is more than rhetorical. Just three years ago, in his 2019 “Profit and Purpose” letter, […]
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