Raiding Woke Capital

Source: Bet On It
by Bryan Caplan

“‘Go woke, go broke’ runs the slogan, and there are multiple Twitter accounts that eagerly publicize alleged examples of leftist business leaders hurting their own companies. The Beckerian logic is straightforward: Businesses that care about ideology and profit will make less money than businesses that care about profit alone. The key question is empirical: Are firms run by ‘woke capital’ putting enough weight on leftist ideology to drive themselves into bankruptcy? So far, I see little sign of anything like a wave of woke bankruptcies. … What the world needs is a way to dislodge managers who sacrifice profit for woke prestige without waiting around for them to kill their own companies. A way to swiftly detach the parasite from the host while he’s still fundamentally healthy. Wishful thinking? No. In theory, there is a simple way to remove subpar managers from any publicly-traded company: the hostile takeover.” (08/03/22)