Go woke, go broke is real. It's time for American businesses to get back to basics
Opinion by Anson Frericks • 22h
Horror writer Stephen King once wrote "sooner or later, everything old is new again." Since Donald Trump’s reelection, U.S. stock markets and investor confidence have been on a tear. The reason is simple. After a decade of companies apologizing for not being progressive enough on causes ranging from the environment to diversity initiatives to support for Palestine, investors know corporations can once again unapologetically focus on delivering value for shareholders.
The horrors of stakeholder capitalism are finally over.
In 1970, famed economist Milton Friedman wrote that "there is one and only one social responsibility of business—to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud."
Over the next 44 years, American business focused on shareholders. Their European counterparts did not. Across the pond, Europeans embraced stakeholder capitalism — which is something of a misnomer, since it isn’t really capitalism at all. It’s a theory, propagated by Klaus Schwab and the World Economic Forum, that holds that the purpose of a corporation is to maximize value for all stakeholders — community members, activist groups, non-profits, government agencies, etc. — not just shareholders.
https://www.msn.com/en-us/money/markets/go-woke-go-broke-is-real-it-s-time-for-american-businesses-to-get-back-to-basics/ar-AA1v4iRJ?ocid=msedgdhp&pc=HCTS&cvid=b458ebdb28ab4b7086b8791af74e17b7&ei=113
