Turning the Corporate Left's Own Tools against It

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To say that tackling woke capitalism will not be easy is an understatement. Its ascent is the product of, among many other factors, the political challenge posed to free markets by a misunderstood financial crisis, the relentless leftward drift of our institutions, and, as always, the jockeying for power — and its prizes — among our elites. And then there is the manner in which anxiety over climate change — a key contributor to the current effort to redefine the nature and purpose of a corporation — is being used to overturn many of the economic and political assumptions on which our society is organized, thus intensifying what is already a perfect storm. Oh yes, there is also the small matter of the Democrat several months into his term in the White House, and the kind of president that he is proving to be.

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The Sound of Silence

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The Middle Ages,” wrote Carl Jung in a 1958 book about UFOs, “have not died out. . . . Mythology and magic flourish as ever in our midst.” I doubt if Monica Black, a professor of history at the University of Tennessee and the author of A Demon-Haunted Land,an intriguing, subtle, and occasionally startling examination of a wave of superstitious belief that swept across Germany in the immediate post-war years, would disagree. Certainly, Black recognizes the fascination that supernatural ideas and practices, from astrology to the occult, held for millions of Germans “across the modern period” as well as the persistence of a long-standing tradition of folk and magical healing.

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Meat and Its Enemies

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Alarmed by chatter that Joe Biden was plotting to take my burgers away, I hurried online for reassurance. A journalist in the Guardian wrote that this was just scaremongering and along with the Washington Post traced the burger panic back tothe Daily Mail, which had run speculation (with caveats) that “Biden’s climate plan” could limit Americans to “just one burger a MONTH.” This was based on a single academic study, but the Mail was given its opportunity by what was described in the subheadline of a recent story in Vox as a “burger-shaped hole” in the president’s climate proposals.

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Afterwards

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Writing a few years after the armistice that, at 11 o’clock on November 11, 1918, brought a halt to the fighting on the Western Front, John Buchan related how:

“At two minutes to eleven, opposite the South African Brigade, which represented the easternmost point reached by the British armies, a German machine gunner, after firing off a belt without pause, was seen to stand up beside his weapon, take off his helmet, bow, and then walk slowly to the rear. Suddenly, as the watch-hands touched eleven, there came a second of expectant silence, and then a curious rippling sound, which observers far behind the front likened to the noise of a light wind. It was the sound of men cheering from the Vosges to the sea.

After that, peace descended on the long battlefield. A new era had come and the old world had passed away.”

But cataclysms rarely end so elegantly. More of the old world lingers on into the new than is often presumed.

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Cold War Cosmonaut

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Readers of Stephen Walker’s fine new account of how Yuri Gagarin, a 27-year-old Soviet air-force major (he was promoted from lieutenant while circling the Earth), became the first man in space will discover quite a bit about Gagarin the man, but a great deal more about the program that put him into orbit 60 years ago, on April 12, 1961.

Vasco da Gama, Gagarin was not. For all his skill, toughness, unflappability and courage, he was no explorer. In a way, he was merely the most important of all the fauna that the Soviets shot into space. The first astronauts had relatively little control over their capsules; the first cosmonauts had far less.

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Putting the Grift in ESG

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On the whole, I would prefer to live in a society run by cynics rather than saints—cynics tend to be less intrusive. However, when cynics pretend to be saints, they are playing a dangerous game, as many of those on Wall Street now peddling “socially responsible” investment (SRI) may soon discover. To be clear, I have no doubt that some of those pushing for more SRI (or the closely related concept of stakeholder capitalism) are true believers. Others, perhaps the smartest, are jockeying for positions of power — and the perks that come with it — under a corporatist regime (stakeholder capitalism is essentially an expression of corporatism). Still others are simply following the ancient Wall Street practice of repackaging nonsense and selling it at a profit…

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Woke Capitalism — The Next Generation

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The stakeholder capitalism advocated by the Business Roundtable, the World Economic Forum (“Davos”), and other groupings of oligarchs on the make, is, at heart, an expression of corporatism, an ideology based around the idea that society should be run in a way that recognizes the importance of interest groups rather than individuals. Thus, when it comes to determining what a company is for, shareholders are just one group of “stakeholders” who have to compete for management’s attention.

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The Truth is out There

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In the age of QAnon, it is of little comfort to learn in Michael Butter’s “The Nature of Conspiracy Theories” that such malevolent fables have been around for some time. Cicero devised one. Winston Churchill, at least once, passed along another. What’s different now, claims Mr. Butter, is who believes them, who spreads them and how they are disseminated. Once common among the elites, conspiracy theories were stigmatized, in the West anyway, during the postwar years. “We used to be afraid of conspiracies,” the author relates. “We are now more afraid of conspiracy theories,” a fear that helps account for the attention they attract.

But only partly: Ideas that might once have been confined to a pamphlet are now easily available on the internet, a space where anyone can be an expert and where conspiracy theories can provide a splendid living for those who peddle them. The internet has “largely nullified” the media’s “traditional watchdog role,” a change that Mr. Butter, who writes from a leftish-establishment point of view, mourns more than is entirely healthy.

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As GameStop Stalls, Will Regulators Start?

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Bloomberg’s Matt Levine continues to be a tremendous source of insight into the GameStop saga, but one possible response to what has happened, which is set out in one of his must-read articles on this stock’s excellent adventure/bogus journey (take your pick) and buried within the following not-to-be-taken-literally passage, should be treated with caution:

We have discussed before the sort of creaky U.S. rules around who can buy what sorts of risky investments, and I have proposed a simple standard. I call it the “Certificate of Dumb Investment.” Under this standard, anyone can buy diversified low-fee mutual funds to their heart’s content, but to buy dumb stuff—private placements but sure let’s say also volatile meme stocks—you have to go down to the local office of the Securities and Exchange Commission and sign a form saying that you know that what you’re doing is dumb, you know you will probably lose all your money, and you forfeit forever any right to complain. Then you can do whatever dumb thing you want.

Click on the link embedded in Levine’s text to see where he expands (in an article written in 2018) on how his Certificate of Dumb Investment regime would work. Some of this, I reckon (I cannot imagine why) contains just a touch, well, perhaps more than a touch, of hyperbole: “Then you take the form to an SEC employee, who slaps you hard across the face and says ‘really???’ And if you reply ‘yes really’ then she gives you the certificate.”

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Fascist means, green ends

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In ‘What is Fascism?’ (1944), George Orwell complained that the word ‘fascist’ had been applied to so many groups, (including conservatives, socialists, communists and Catholics), beliefs and even species (dogs!) that it had been reduced to something close to meaninglessness. And yet, he observed:

‘Fascism is…a political and economic system. Why, then, cannot we have a clear and generally accepted definition of it?… To say why would take too long, but basically it is because it is impossible to define Fascism satisfactorily without making admissions which neither the Fascists themselves, nor the Conservatives, nor Socialists of any color, are willing to make.’

That was true then, and it’s true in 2021 — except that we should now add some of today’s harder-edged greens to Orwell’s list. A good number of their precursors in interwar Europe would not have been so diffident.

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