Corporate Activism Under Scrutiny: A New Perspective on 'Woke' Business Practices

In his latest book, *Go Woke, Go Broke: The Inside Story of the Radicalization of Corporate America*, business journalist Charles Gasparino critiques the rise of corporate political activism and its unintended consequences on the economy. He highlights how major companies like Anheuser-Busch, Target, and Disney have faced backlash after prioritizing initiatives such as stakeholder capitalism and diversity programs over customer satisfaction and profitability. Gasparino argues that these missteps have led to a decline in public relations and financial performance. During a conversation with Reason's Nick Gillespie, Gasparino reflects on the aftermath of the COVID-19 pandemic and the social upheaval following George Floyd's death, questioning whether the peak of corporate wokeness has passed. He cites former McDonald's CEO Ed Rensi as a model for balancing social responsibility with profitability, suggesting that businesses can thrive without succumbing to extreme political activism. The discussion also touches on the implications of the upcoming 2024 election on the economy, with Gasparino examining the controversies surrounding brands like Bud Light and the broader impact of Environmental, Social, and Governance (ESG) criteria on inflation. He notes that corporate wokeness appears to be in recession, as companies reassess their strategies in light of recent economic challenges. Gasparino's insights provide a critical lens on the evolving relationship between corporate America and social issues, urging a reevaluation of how businesses engage with political and social movements.