College Republicans talk about ‘capitalism awakening’ with National Review editor

The editor of the conservative National Review magazine spoke about economic and social issues at an event hosted by NYU College Republicans.

NYU College Republicans denounced “awakened capitalism,” or investment to improve the environment and society, in a speech on Wednesday. The guest speaker at the meeting, Andrew Stuttaford, editor of the conservative National Review magazine, spoke out against the popular investment principle of environmental, social, and corporate governance, which many conservative supporters have called “awakened capitalism.”

Stuttaford argued that this principle, often referred to as ESG, is over-popularized in investment banking, increases investment risk for shareholders, and undermines US democracy. His speech marked the fourth meeting of the semester for NYU Republicans and the first meeting with a guest speaker.

ESG is an investment strategy that prioritizes environmental and social issues to achieve goals such as reducing carbon emissions and promoting diversity in the workforce. This concept horrified conservative politicians. who objects to awakened capitalism.

In the republican lexicon, the term “wokism” has received a wide range of definitions, in practice becoming catch-all term for any policy or position opposed by conservatives.

Republican College President Nate Sirotovich said he asked Stuttaford to speak at the event because he wants the club to focus more on economic policy.

“We discuss a lot of social issues, but our discussions on economic issues were not enough,” Sirotovich said. “We decided to bring in a speaker who is more focused on capitalism and economics than social issues.”

Stuttaford criticized the CEO of BlackRock, an investment company with trillions of dollars in assets and one of the biggest supporters ESG – for mismanage your money and suppressing criticism in the workplace. CEO Lawrence Douglas Fink is currently Vice Chair of the New York University Board of Trustees. Fink has objected to critics BlackRock ESG practitioner in the past for overly personal comments.

Despite his criticism of Fink, Stuttaford said he disagreed with the reasoning of most Republicans who oppose the practice of ESG, but said that he believes those who criticize ESG want the principle itself to be profitable.

Although Stuttaford is skeptical about the profitability of ESG, other economists argue that ESG is financially beneficial. A 2021 study by NYU’s Stern Center for Sustainable Business found that from 2015 to 2020, 58% of investments in ESG positive financial growth21% had mixed financial growth and 8% resulted in financial losses.

NYU junior Ian Borrero said he was pleased to see a balanced discussion at the event as he is more supportive of the left than many other conservatives.

“People need to hear a reasonable conservative argument,” Barreiro said. “Right now, most people see Donald Trump, which is pretty egregious and horrifying, so I think it’s fair to hear more sensible conservatives.”

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