Magazine July 1, 2021, Issue

Which Woke Capitalism?

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Three critical distinctions shed light on a complex set of phenomena

The rise of stakeholder capitalism, or woke capitalism — the practice of mixing the pursuit of profit with the propagation of social values — raises unique political questions that go beyond the conventional partisan debates of the last half century. Since 1970, a focal point of disagreement between conservatives and liberals has been the proper role of government in regulating private enterprise. By contrast, the issue of woke capitalism raises the question of the proper role of private enterprises in setting the moral norms of everyday citizens.

This new debate demands a new conceptual vocabulary, for proponents and critics alike. Here

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This article appears as “Which Sort of Woke?” in the July 1, 2021, print edition of National Review.

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Vivek Ramaswamy — Mr. Ramaswamy led Roivant Sciences as its founder and CEO from 2014 to 2021. He is the author of Woke, Inc.: Inside Corporate America’s Social Justice Scam, due this August.

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What Is Woke Capitalism?

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