Fascism in action: Stakeholder capitalism and climate corporatism. By Andrew Stuttaford.

C-suite after C-suite is abandoning shareholder primacy (a concept denounced by Joe Biden as ‘a farce’) in favor of ‘stakeholder capitalism’. Stripped of euphemism, that means overriding shareholder property rights based on what Silvio Longhi would have described as ‘the prevailing collective interest’. …

Put another way, stakeholder capitalism is an excuse for diverting corporate resources that ought to be used to generate return for shareholders. Instead, they are used to pursue an agenda set by a cabal of the unelected, including corporate chieftains, activists, NGOs, foundations, supranational organizations, Davos Man (the World Economic Forum’s Klaus Schwab has been making the stakeholder case for decades) and elements within the state, not infrequently with the encouragement of the government, but all too often without the approval of the legislature. …

How can you vote against this? You cannot.

Rather than overthrow democracy, stakeholder capitalism bypasses it. The pressure on companies to conform to the demands of the climate warriors is not only coming from the activist posse and investment managers. …

The stakeholder regime has, at the very least, an intellectual ancestor in common with fascism when it comes to climate change. But it shows only impatience with democracy, rather than outright opposition to it, at least for now. However, a significant portion of its green wing, while lacking many, but not all, of the peculiarities of prewar fascist environmental concerns, which were mainly German — with some quieter British echoes — does share a deep dislike of individual choice and free markets with the jackboot boys of old, emphatically so at its extreme.

The left has found another way to bypass democracy and our will.