Opinion: Stakeholder capitalism and ESG's road to socialism [Financial Post (Toronto, Ontario, Canada)]
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Source: Financial Post
This week, the World Economic Forum planned to hold its annual meeting in Davos. Thanks to Omicron, however, we've received a six-month reprieve from lectures by elite “global leaders” and the collectivist policies they promulgate. This year's meeting, now deferred to mid-year, will focus on how to accelerate “stakeholder capitalism” and its cousin ESG (short for “environmental, social and governance”), two related movements that diminish economic freedom, which is the key to prosperity, and push us closer to a new brand of socialism. Advertisement Article content What do these two terms actually mean? The definitions are fluid by design but, broadly speaking, “stakeholder capitalism” means businesses should not focus purely on maximizing returns to owners but rather use their companies' resources to solve social problems, thus maximizing benefits to various “stakeholders” (i.e., their employees, customers, suppliers, communities and countries). ESG is an even more nebulous con
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