Op-Ed: Larry Fink’s Crusade Runs Into Resistance

This article originally appeared on Real Clear Politics on February 4, 2022.

Only a few years after “woke capitalism” was touted as the wave of the future, its supporters are getting a wakeup call of their own.

Just ask BlackRock CEO Larry Fink. The tone of his 2022 letter to CEOs is very different from his previous two, both of which pushed Environmental, Social and Governance (ESG) investment criteria and “stakeholder capitalism” relentlessly. As far as Fink was concerned, ESG, “sustainability,” and the agenda for what we have termed “woke capital” would dominate the markets for years, while he and his $10 trillion asset management behemoth would, in turn, dominate them. Fink was to be king of the stakeholder world.

But then something fascinating happened.

Shortly after Fink’s triumphant 2021 letter, Encounter Books published “The Dictatorship of Woke Capital.” The book turned out to be the tip of the proverbial iceberg, heralding a massive backlash that was already building against ESG, woke capital, and the hubris that animates top-down, anti-democratic efforts to undermine free-market capitalism for partisan ideological ends.


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