Magazine July 1, 2021, Issue

Can a Woke Company Compete?

(Anton Petrus/Getty Images)
Firms that put profit over politics should outperform their progressive rivals

The best defense of the American capitalist system is grounded in history. Go back to 1946 and invest one dollar in the Dow Jones Industrial Average, and, with dividends reinvested, that dollar climbed to $2,682.59 at the end of May of this year. Recall all the anti-capitalist moralizing after the collapse of the dot-com “bubble.” If you sold your Amazon and Apple stock back then, when Nobel laureate Robert Shiller was comparing markets to horror movies, then surely you regret it. But even without special insights, that same $1 invested in the Dow on January 1, 1999, before the crash,

This article appears as “The Virtue of Competition” in the July 1, 2021, print edition of National Review.

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What Is Woke Capitalism?

What Can Be Done?

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