The Power Of Woke Capitalism
A new power is rising and it is threatening to upset the old order. It’s been labelled Woke Capitalism and it is holding businesses and investors to account for their moral decisions. Gordon Gecko would be spinning in his leather chair at the thought, but the ‘greed is good’ principle will no longer wash. Pure profit has ceased to be the bottom line when it comes to business. Todays young informed consumers expect a company to have ethics and show social responsibility. A couple of recent examples demonstrate that businesses ignore this at their peril.
Take first the recent boycotting of The Dorchester Hotel in London. The Dorchester is a five star luxury hotel in the swankiest part of London. It has a history stretching back up the 18th century and has been home to the great and good of society ever since. It is also owned by the Sultan of Brunei who has decided to make gay sex punishable by stoning to death. The sultan may hold dominion in his home country but in the UK his announcement was met with protests and subsequent cancellation of planned events. George Clooney has also come out in condemnation further damaging the luxury hotel’s brand.
In a parallel if less glamorous incident the American fast food chain Chicken-Fil-A has come under scrutiny for supporting charities that oppose same-sex marriage. Such is the backlash that the chain has been banned from opening outlets in Buffalo and San Antonio airports.
This is encouraging news - for too long big business has been greasing the wheels of power with little regard for who they were supporting or what their agenda was. Now those financing politicians in the hope of some influence, need to consider the actual policies they are backing. Hopefully the first casualty of this new economics will be Fox News and their ilk as their sponsors face the consequence of supporting alt-right and hate speech.
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