Stakeholder Capitalism is a scam. Though not particularly well-known outside of certain business circles, it is the model associated with Klaus Schwab and the World Economic Forum. Its basic form is this: the purpose of the company itself has to change, not to serve customers and generate profit for shareholders but instead to "serve all stakeholders." Its mechanism is also unsurprising: ESG, Environmental, Social, and Governance scoring metrics for corporations. Unsurprisingly, its implementation is shockingly corrupt and filled with Marxist distortions. In this episode of the New Discourses Podcast, host James Lindsay goes through a short September 2020 Harvard Law School Forum on Corporate Governance document about corporate incentives packages for ESG and the stakeholder model together with and a crucial portion of Klaus Schwab's 2022 book, The Great Narrative for a Better Future, to make clear just how corrupt and dangerous the ESG agenda and stakeholder capitalism truly are. Join him to see for yourself.
The Corruption of Stakeholder Capitalism