Analysis: Ron DeSantis’ attacks against ESG investments goes against the basic principles of capitalism, writes Jacob Soll, author of “Free Market: The history of an idea”
Jacob Soll is a professor of philosophy, history and accounting at the University of Southern California. He is the author of"Free Market: The History of an Idea" .s Ron DeSantis wages culture war in his bid for the White House, he’s taken aim at a once-obscure target: ESG investments.
The core of this policy strikes at what goes on balance sheets and how we value things. Are environmental concerns, social well-being and good government assets or liabilities? Or do they simply not matter amid the pursuit of profit? Even beyond the just price, the medieval, Catholic inventors of capitalism believed that profit had to be balanced by morality. They were influenced by the ideas of the Fathers of the Church, that profits should be given to the poor and that those who died rich had as much of a chance of going to heaven as a camel did of going through the eye of a needle.
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