As far-left ideologies further embed themselves into American society, growing evidence shows that companies embracing woke capitalism tend to alienate customers, drive away potential employees, and lose profits for investors.
As with all cultural revolutions, it will take decades to measure the total outcome that woke capitalism has had on the economy, but businesses and investors that depend upon quarterly growth and earnings cannot wait that long. Unfortunately, the financial data for companies that go woke is spotty and largely anecdotal.
Some evidence indicates, however, that corporations should awaken from their woke malaise.
Woke capitalism’s fatal flaw is that its principles come from an ideological system, not from rigorous scientific business management principles on which critical decisions should be made.
Take a Trafalgar poll conducted in February 2023 among 1,000-plus likely voters. Nearly 80 percent, whether left, right, or center, said they were more likely to do business with a company that stayed politically neutral or tolerated the many viewpoints of employees and customers.
People across the political divide overwhelmingly want all voices to be heard, including 77 percent of Democrats, 83 percent of Republicans, and 77 percent of independents. While support for corporate political neutrality rises with age, still some 70 percent of young voters aged 25 to 34 and 73 percent aged 35 to 44 favor companies that stay out of politics and support differing views.
Woke Capitalism Hurts Business
Despite the public’s disdain for woke capitalism, many American corporations are entering the divisive political and
