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In the wake of George Floyd’s death in May of 2020, people took to social media to advocate for causes stemming from that horrible incident. Ranging from simply expressing “Black Lives Matter” to posting a black square on Instagram on a designated day and everything in between, an expectation that everyone must make a statement seemed to emerge. It was an expectation that was extended beyond individuals, as major corporations and sports teams were also expected to make a statement of solidarity. Those that didn’t, or who didn’t act quickly enough, were pilloried online.
The age of woke capitalism is upon us.
This woke capitalism can take other forms besides expressions of solidarity with social causes, such as Nike recalling Betsy Ross flag-themed shoes after activists raged that the flag represents slavery or the increasing frequency of anti-racism training sessions as work requirements.
But, as Acton’s director of research Sam Gregg argues, woke capitalism is inherently in conflict with the nature and the ends of business.
What is causing the rise of woke capitalism? What’s the impact that it is having on the world of business and on society as a whole? And what can be done about it? Sam Gregg joins us to discuss.
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