Even the bastions and beneficiaries of deeply flawed and inequitable capitalism and "democracy" have been calling for bold and urgent restructuring for a better world for all:
"The pandemic caused a deep economic and social recession. Rapid and effective implementation of recovery and investment plans will help support stronger and more sustainable growth." (OECD, 2021, paraphrased)
In its 2021 book "Stakeholder Capitalism" the World Economic Forum (WEF) argues for "A Global Economy that Works for Progress, People and Planet" with this refreshingly frank observation:
"Our global economic system is broken. But we can replace the current picture of global upheaval, unsustainability, and uncertainty with one of an economy that works for all people, and the planet. First, we must eliminate rising income inequality".
In 2022, BlackRock, the world's largest asset manager ($10 trillion) likewise called CEOs to avoid the path of Enron by embracing the logic of Stakeholder Capitalism:
"Truly great companies recognize the importance of engaging with and delivering for their key stakeholders. Stakeholder Capitalism is driven by mutually beneficial relationships between you and the employees, customers, suppliers, and communities your company relies on to prosper." (paraphrased)
In 2022, Harvard Law School likewise argued for: "Stakeholder Capitalism and ESG as Tools for Sustainable Long-Term Value Creation".
As above, ESG was born in 1993! Stakeholder Capitalism was born in 1973! These are very mature concepts whose time for full implementation is long overdue. We have known the WHAT and WHY for a long time, but not the HOW. That has changed completely. We now know HOW in spades.
Rampant rapaciousness is self-defeating
ESG is aspirational and elusive. Hence "greenwashing" and "social washing". Hence "Cannibals with Forks" (1997). Hence "Zombie companies". Hence disaffected customers and staff. Hence endless Royal Commissions (in Australia for example).
ESG is the WHAT and WHY without the HOW.
Aspirational and elusive
The WHAT and WHY
Boundless capability
Adding the HOW