September 9, 2022

ESG Investing: The Destroyer of Economies – and Democracies?

Legendary economist Joseph Schumpeter espoused that the free market was the greatest democratic institution the world has ever known. Unfortunately, ESG (Environmental, Social, and Governance) investing was born 60 years after his death. As defined by the Corporate Finance Institute, ESG “is best characterized as a framework that helps stakeholders understand how an organization is managing risks and opportunities related to environmental, social, and governance criteria.” It is no secret that modern-day Corporate America has graduated with honors from the School of Wokeology. Boardroom executives are trying to avoid a viral hashtag from being born and appease the very people who hate them – the non-binary, blue-haired residents of the Twitterverse who obsess over pronouns and drag queens – by installing backroom progressivism throughout the marketplace. Is it the latest threat to democracy?

ESG Investing Threatens Freedom?

Oklahoma Gov. Kevin Stitt (R) recently signed a significant piece of anti-ESG legislation titled the Energy Discrimination Elimination Act of 2022. The bill’s purpose is to mandate the state to divest holdings in financial institutions that boycott the energy industry. The governor noted that ESG proponents are “attacking our way of life,” adding that “we’re not going to do business with people that don’t promote our assets.”

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