From WSJopinion: Stakeholder capitalism imperils more than prosperity, it imperils democracy itself. ESG advocates would return society to the communal and stagnant world of the Dark Ages, write Phil Gramm and Mike Solon
No one appreciated the power of capitalism more than its greatest antagonist, Karl Marx. Born of the Enlightenment, embodied in the Industrial Revolution, capitalism, according to Marx, “accomplished wonders far surpassing Egyptian pyramids, Roman aqueducts, and Gothic cathedrals . . . achieving more massive and colossal productive forces than have all preceding generations together” in “scarce one hundred years.
Based on the erroneous notion that all value comes from labor, Marx assumed that the financier, entrepreneur and manager were noncontributing claimants on the fruits of the worker’s labor and that government could displace them and then “wither away” as growth occurred spontaneously. Most subsequent collectivists have assumed the same thing. In this utopia, workers would then receive all value created in society.
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