Despite what you may have heard, it is about much more than “money.” It always has been.
The recent cultural transformation of corporate America — think Bud Light, Target, and Disney as some of the more recent examples — has shocked traditional Americans to the core. Suddenly, it seems that every major company in the nation has gone “woke,” promoting everything from man-made global-warming alarmism and “transgender” mutilation of children’s genitals to godless globalism and vicious race-mongering. It is all happening under the guise of improving “Environmental, Social, Governance” (ESG) scores and “Diversity, Equity, and Inclusion” (DEI) metrics.
Customers hate it, of course, as many companies facing boycotts and steep financial penalties have learned the hard way. So do shareholders, managers, and employees. Yet, despite being a money loser and despite the endless “Go Woke, Go Broke” chorus chanted by conservatives, more and more companies and brands are jumping on the “woke” bandwagon, apparently oblivious to the catastrophic damage they are doing to their brands. But there is more to the story; a simple explanation to the madness is lurking just beneath the surface.
Behind the scenes, quietly, there is a vast power responsible for pushing all this “woke” corporate fanaticism. It has a name: BlackRock. The world’s largest asset manager, the corporate giant has an estimated $10 trillion under management. For perspective, that is more than the gross domestic product (GDP) of every country on the planet except the United States and Communist China…
