Deconstructing the Dichotomy: Rethinking the 'Capital' in Woke Capitalism

Abstract

Concepts of shareholder vs stakeholder, and by extension wokeness and capitalism, are often presented as mutually exclusive. This chapter explores how both could be addressed in exploring a less superficial engagement with social engagement with a refined focus on capital. The chapter seeks to deconstruct dichotomies between opposing views and evaluates the tensions between woke agendas and shareholder revanchism. In exploring Carroll's Pyramid of CSR and directors' duties the chapter examines economic responsibility and corporate altruism. The chapter advocates for a revaluation of the focus on capital and its current terminal status. It, therefore, calls for a balanced approach in how directors pursue profit and discharge their fiduciary obligations. It explores this through advancing the view that profit should be considered circular and not terminal. The idea of circular profit challenges the terminal thinking of profit maximization as an extrinsic output. As tensions continue to develop, a broader understanding of long-term profitability and a shift away from myopic decision making needs to be achieved.

Keywords: CSR, Directors Duties, Woke Capitalism, Woke Agendas, Profit, Sustainability