The Davos call for “Stakeholder” capitalism is pure Fascism — leading to a Loss of Liberty
Mussolini had a similar idea
What is called for is the “socialization” of private business away from being and viewed as an private enterprise formed and focusing upon the economic and financial betterment of its owners through the production, marketing, and sale of goods and services demanded by consumers in a competitive arena, with a market-generated price system facilitating the capacity for calculating profit and loss as a basis of determining the direction and use of the scarce means of production at the company’s disposal.
Instead, as the Davos Manifesto 2020 declares, in part:
“The purpose of a company is to engage all its stakeholders in shared and sustained value creation. In creating such value, a company serves not only its shareholders, but all its stakeholders – employees, customers, suppliers, local communities and society at large. The best way to understand and harmonize the divergent interests of all stakeholders is through a shared commitment to policies and decisions that strengthen the long-term prosperity of a company.
“A company serves society at large through its activities, supports the communities in which it works, and pays its fair share of taxes . . . A company is more than an economic unit generating wealth. It fulfils human and societal aspirations as part of the broader social system. Performance must be measured not only on the return to shareholders, but also on how it achieves its environmental, social and good governance objectives. Executive remuneration should reflect stakeholder responsibility…
“A company that has a multinational scope of activities not only serves all those stakeholders who are directly engaged but acts itself as a stakeholder – together with governments and civil society – of our global future. Corporate global citizenship requires a company to harness its core competencies, its entrepreneurship, skills and relevant resources in collaborative efforts with other companies and stakeholders to improve the state of the world.”
For the members of the World Economic Forum, “‘Stakeholder capitalism,’ . . . positions private corporations as trustees of society, and is clearly the best response to today’s social and environmental challenges . . .” They reject the “shareholder capitalism” advocated by the likes of economist Milton Friedman, and the Chicago School of Economics, who “had neglected the fact that a publicly listed corporation is not just a profit-seeking entity but also a social organism.” (See my article, “Milton Friedman and the New Attack on the Freedom to Choose”.)
Thanks to “the Greta Thunberg effect,” the world has been reminded “that adherence to the current economic system represents a betrayal of future generations, owing to its environmental unsustainability.” Stakeholder capitalism offers “a new measure of ‘shared value creation’ [that] should include ‘environmental, social, and governance’ (ESG) goals as a complement to standard financial metrics.”
Business Governance for Society and Saving the Planet
That is what the World Economic Forum-sponsored Measuring Stakeholder Capitalism report is all about. The report offers four principles: Governance, Planet, People, and Prosperity, with the order clearly implying the ranking of importance. Governance comes first because it lays out the fundamental idea that in the selection of those in positions of corporate responsibility and in their instituting the enterprise’s activities, the goal is the company’s obligation to stakeholderism. By accepting the “challenge” of seeing the corporation’s responsibility to be the fulfillment of the agenda and targets of stakeholderism, the company takes on not only the ethical obligation to follow this mission, but if added into as chosen legal responsibility as part of the institutional basis of the enterprise, it might be held accountable in a court of law, with possible penalties for not meeting the goals and purposes of “the plan.”
The corporation’s responsibility to “the Planet” is explained as acceptance of the premises of and the target goals of the Paris Agreement on Climate Change, with the participating corporations expected to report annually, along with all other aspects of Stakeholder Governance, on how much they have been moving in the direction of meeting the final 2050 goal of net-zero fossil fuel emissions, with a specific date when the company will have reached the target.
They must also demonstrate what they have done with the corporation’s financial resources and investments to create cleaner water and air, preserve the soil, and bring about a greater “harmony with nature” in general. Companies must report their reductions in annual land use and animal input consumption covered by “a sustainability certification standard or formalized sustainable management program.”
Stakeholder Capitalism Means “Living Wages” and Gender/Race Quotas
The responsibility of any participating private enterprise toward “People” goes far beyond such traditional notions as honesty and fulfillment of any and all contractual obligations concerning work conditions, wages, and the like concerning those they employ. No, Stakeholder Capitalism requires provision or support for all employee health costs, including “the mental, physical and social well-being of all people in their operations and value chains.” Companies would be obligated to have announced targets for employee skills training and reports on how much of the company’s payroll has been applied for this purpose. There must also be reports on the percentages of employees based on gender, race and age, and they would be expected to meet targets to assure “equity” in the hiring and retaining of workers in these gender, race, and age categories.
In addition, companies are required to report on wage ratios of difference in salaries between employees in general relative to corporate executives, including the CEO. And similar reported ratios of difference among wages paid to gender, racial and age groups working for the enterprise. There must be targets to reduce any unjustifiable divergences based on the idea of similar pay for similar work. Also, enterprises must enthusiastically support and foster worker collective bargaining; that is, to happily accept and work with established labor unions across the board.
Wages paid should not be based on supply and demand as competitively determined on the market. Instead, the benchmark and basis of employment salaries would be a “living wage,” or “a wage sufficient to meet the basic standards of living, which will vary by country, local living standards and need.” As the report argues, “Companies that offer a living wage to workers and employees can help lift households and communities out of poverty. A living wage provides a benchmark for responsible employers who respect human rights and who choose to pay their employees a rate that meets the basic cost of living in the region they operate in.”
More HERE
No, the United States Is Not Systemically Racist
In the second half of the 20th century, from 1950 to 2000, Black people in the United States experienced much larger income gains than whites did. The group that had the largest income gains, by far, was Black women. Their incomes nearly doubled over that period (after inflation). The race gap persists, but it is much lower today than it was in 1950. Does this sound like the financial result from a systemically racist country?
We are told by Black Lives Matter, about 80 percent of the college professors and their pals in the media, that President Donald Trump is a racist. CNN says it almost every night. It’s always wise to judge a man by his deeds, not his words or promises. The Census Bureau report released earlier this month finds that, from 2016 to 2019, Black incomes rose more than in any three years in the history of the United States. The median household income for Blacks is now $45,438. I don’t have the latest data in front of me, but data from several years ago would indicate few, if any, other nations on Earth with a higher average Black income than the United States.
Black poverty rates fell to their lowest level ever recorded. Black poverty is still much higher than white poverty, but Black people’s economic advancement under Trump (precoronavirus) has been nearly miraculous. Does this sound like the result of a racist president?
One of the more fantastic claims by the BLM crowd is that America discriminates against all minorities, or “people of color.” By that, they mean people who are Black, Hispanic or any other race that is not white. But the latest census data on incomes squarely contradict this conclusion — at least when it comes to family finances and economic opportunity.
The highest-income group in America today is not white-skinned workers. It is Asians. Astonishingly, the median household income of Asian Americans reached just shy of $100,000 a year. (The number is $98,174 to be exact.) In other words, the average Asian family is upper-income. One of America’s wonders as a land of opportunity is that an immigrant can come to America dirt-poor from China or India and, within 20 years, move into the middle class or even become wealthy.
How did Asians, many of whom are first- or second-generation immigrants from Japan, Korea, India, China, Pakistan, Taiwan, the Philippines, Indonesia, etc., race ahead of whites? Perhaps they have a stronger work ethic. Maybe they are more likely to go into occupations in the sciences, engineering or medicine, where salaries are high. Perhaps it is the “tiger moms” effect. Who knows? But what is indisputable from this evidence is this: This couldn’t have happened in America if this were a nation that hates ethnic minorities. It could not have occurred in a xenophobic country.
What about Hispanics? Trump has indeed said some very nasty things about Mexicans coming to the U.S. illegally and committing crimes. But Hispanics are doing very well in America. The average Hispanic household makes more than $56,000 a year today. That’s not rich — but it is a massive leap forward from what Hispanics earn in Mexico, El Salvador or Cuba. The gains of Latinos in just the last three years have been extraordinary. Hispanics have also been invaluable in keeping our hospitals, nursing homes, stores and delivery systems functioning during this pandemic thanks to their incredibly strong and admirable work ethic.
I would submit from all this that America isn’t the most but rather the least racist nation on Earth when it comes to upward economic mobility.
Donald Trump says he will overturn ‘ridiculous order’ of US Navy SEALs removing the words ‘brotherhood’ and ‘man’ from its ethos and replacing them with gender neutral terms
Donald Trump said Thursday he will overturn the ‘ridiculous order’ of US Navy SEALs removing the words ‘brotherhood’ and ‘man’ from its ethos.
In a tweet responding to the news, the president wrote: ‘I will be overturning this ridiculous order immediately!’
The Navy has removed gendered words from its official SEAL ethos, changing them to ‘citizen’ and ‘warrior’. Alterations have also been made in the Special Warfare Combatant Crewmen (SWCC) creed, American Military News reports.
One change in the first paragraph of the SEAL ethos now reads: ‘I am that warrior.’ It had read: ‘I am that man.’ Another states: ‘Common citizens with uncommon desire to succeed.’ That did say: ‘A common man with uncommon desire to succeed.’
In the ethos, ‘The ability to control my emotions and my actions, regardless of circumstance, sets me apart from other men’ has been changed to ‘the ability to control my emotions and my actions, regardless of circumstance, sets me apart from others’.
And ‘brave men’ has been amended to read ‘brave SEALs.’
In the SWCC creed ‘brotherhood’ was switched to a ‘group of maritime warriors.’ In another sentence ‘brothers’ in changed to ‘them’.
The move sparked fury from disgraced ex SEAL Eddie Gallagher, who labeled it ‘a joke’. Gallagher was was acquitted of murdering the ISIS prisoner following a high-profile trial which saw Donald Trump wade into the debate.
Naval Special Warfare spokesman Lt. Cmdr. Matthew Stroup said: ‘The previous versions of the SEAL Ethos and SWCC Creed were written prior to the law allowing women to serve as operators in Naval Special Warfare.’
Stroup added: ‘The changes do not in any way reflect lowering standards of entry, rather they ensure that all those who meet the requirements to train to become a SEAL or SWCC are represented in the ethos or creed they live out.
Former SEAL Gallagher appeared to share a picture of an August 3 memo sent by military officials on the pronoun changes. It shows Rear Adm. Collin Green approved the changes.
Green wrote: ‘The SEAL Ethos and SWCC Creed are our community’s bedrock guidance. In order to provide more inclusive language, we have revised them to better reflect our diverse ranks now and into the future.’
Gallagher was acquitted of indiscriminately firing at civilians and murdering an ISIS prisoner in Iraq in 2017. He was only convicted for posing for a photo with the teen’s body.
As a result of posing for a picture with the dead teen, Gallagher was de-ranked in July 2019. However Donald Trump later restored him to Chief Petty Officer. He is now retired.
Sharing a note on the pronoun changes Gallagher wrote: ‘What a joke. To be honest I thought the ethos was always BS. Now I know it is.
‘A creed or ethos is supposed to be written in stone, obviously ours is not and will sway to whatever political agenda is being put out.’
The SEAL program tests participants’ physical and psychological strength along with water competency and leadership skills.
It starts at the Naval station in Great Lakes, Illinois and typically ends 65 weeks later with graduation in Coronado, across the bay from San Diego.
Each graduate is awarded the special warfare insignia known as the Trident that denotes membership in the elite fighting force: The pin features a golden eagle wrapped around a U.S. Navy anchor, while clutching a three-prong trident, and a flintlock style pistol.
The program is so grueling that 75 per cent of candidates drop out by the end of the first month in phase one. That’s when trainees undergo what is known as Hell Week when recruits are pushed to the limit with little sleep.
For more blog postings from me, see TONGUE-TIED, EDUCATION WATCH INTERNATIONAL, GREENIE WATCH, POLITICAL CORRECTNESS WATCH, AUSTRALIAN POLITICS, and Paralipomena (Occasionally updated), A Coral reef compendium and an IQ compendium. (Both updated as news items come in). GUN WATCH is now mainly put together by Dean Weingarten. I also put up occasional updates on my Personal blog and each day I gather together my most substantial current writings on THE PSYCHOLOGIST.
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