A Heretic in the Climate Church

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Scientists have traditionally tended to appreciate the usefulness of disagreement or, where necessary, to take it in stride and move on. (A flat Earth, you say? Oookay.) But in many faiths, dissent is heresy. The offender must be cast out, or worse.

Moral Money is, as its name implies, a particularly sanctimonious corner of the Financial Times. It is focused on the likes of ESG (a variant of “socially responsible” investing that measures actual or potential portfolio companies against environmental, social, and governance standards), “stakeholder capitalism,” and other facets of a kumbaya capitalism superior to the Gekko-hearted incumbent, or so the cleverly marketed corporatist story goes.

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Demolishing a Distorted Past

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Conquerors like to remind the conquered of who is in charge. One way of doing so is by the construction of monuments, symbols of the new order — and by their permanence, of its permanence. The Soviets were no exception to this rule, distinguishing themselves only by the ugliness and, not infrequently, the gigantism of the works they fashioned. Not far enough from the center of the Latvian capital, Riga, there’s an archetypal example of this genre: overbearing, grandiloquent, and brutal. It dates from the later years of the Soviet occupation, a time when the Kremlin was using memories of the “Great Patriotic War” to bolster a regime struggling to deal with ideological failure, economic stagnation, and growing disaster in Afghanistan.

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Elon Musk’s Twitzkrieg?

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How Twitter polices speech on its platform is, assuming it remains within the law, up to Twitter. If those who run the company wish to do so in a way that offends our notions of free expression, that is, with one crucial exception, solely up to them. Twitter is privately owned, and the U.S. government has no business regulating how legal conversations are supervised behind the company’s virtual walls. Nor, for that matter, should any “independent” body be set up under the auspices of the state to review Twitter’s speech policy.

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The ‘Sustainability’ Business: A Gathering of Rent-Seekers

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The Economist Group, publisher of the Economist, has been hosting its seventh annual “Sustainability Week,” with one day in London and three others on virtual platforms.

The event’s website offers a revealing glimpse into the ecosystem that “sustainability” has created — an ecosystem that contains true believers, to be sure, but is also one in which opportunists can take advantage of the pathway it offers to power, profit, and prestige — or at least a job.

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Let Them Eat Lentils

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Some “foods” have no place on a plate — anchovies, capers, and lentils, to pick out but three. Don’t @ me.

It was thus dispiriting to read the now-infamous article by Teresa Ghilarducci in Bloomberg, in which she argues that one way of combating the effects of inflation might be to turn to . . . lentils:

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Bloc Trade: Russia, China, and the Limits of Globalization

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Another week, and more bloodshed in Ukraine. How the Russian invasion will play out remains anyone’s guess, but one result seems increasingly likely. What began as an imperial gambit may well end up with the imperialist transformed into the junior partner, or even satellite, of a greater superpower still on the rise.

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Bad Trade: How Complacency Helps Putin — and Xi

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A week or so ago, I wrote about the way in which the complacency fostered by a quasi-religious belief among Western elites in the inevitability of a curious, universalist vision of progress had “presented Putin with at least a moment of opportunity — and China with rather more.”…

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Larry Fink, ‘Emperor’?

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We live in an age when the Left is increasingly focused on the supposed evils of business concentration, from the “big is bad” ideology of the new antitrust enforcers at the FTC to the attempts to blame inflation on Big Grocery, Big Oil, or any of the other “bigs” allegedly exploiting the beleaguered consumer. And yet the concentration of corporate ownership positions held by a relatively small number of massive investment funds, particularly (but not only) the indexers, has drawn comparatively little criticism from the same quarters. Perhaps their managers’ role in helping create our emerging corporatist state through an ever tighter embrace of “socially responsible” investment and larcenous stakeholder capitalism has acted as a shield of sorts.

Nevertheless, the degree of that concentration has been something to see….

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The CEO as ‘Lawmaker’: A Corporatist Manifesto

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On Monday, the Financial Times ran an article by Paul Polman, the former CEO of Unilever (a company that, as he mentions, was recently in the news over its pursuit of objectives seemingly unconnected to its bottom line). A forceful, if unpersuasive, argument for stakeholder capitalism, it is an interesting and unintentionally revealing read. Above all, it demonstrates how, whatever BlackRock’s Larry Fink may claim, stakeholder capitalism is intrinsically political. Indeed, as it is an expression of corporatism, that is — or ought to be — a statement of the obvious. Corporatism, regardless of the form it takes, is an ideology revolving around an idea of how society should be organized. That is the very essence of politics…

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