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WokeInc.ByVivekRamaswamyChapters45-Team3.pdf
Woke, Inc. By Vivek Ramaswamy
Chapter 4 and 5 Summary – Team 3 Jenny Hanes, Nolan Bielskis, Amy Thorpe, Luke Darland, and Ruqayah Algburi
Insight (key issues)
The ESG Bubble 1. Don’t just throw your money research the companies you support see if their values and the
initiatives they support align. 2. There’s no evidence to support that ESG initiatives underperform/overperform. 3. ESG initiatives put democracy at risk and the need for new laws being implemented as the need
for new laws no longer would be essential. 4. Make a change by getting involved with nonprofit organizations aligned with your ideas. 5. Go through proper government policy procedures that allow for proper accountability (debates,
elections, etc)
Rise of the Managerial Class
1. Ramaswamy explores ways in which people in positions of power use their positions to influence and push self-serving agendas that threaten any progress to the real issues.
2. Large corporations use social issues like Black Lives Matter (BLM) and other social issues as a focus to increase personal gain and profits, not because they actually care.
3. Companies set the tone and the issues of focus and no real issues are addressed, people accept it as bond as they assume companies account for all parties best interests.
4. Issues of corporate social responsibility are used as a way to market and increase profits as companies exploit the same communities because they aren’t accountable to anyone.
Originality
In these chapters Ramaswamy uses examples from his own personal experiences to relate to what is being talked about in the chapter which is a very creative way to deeper explore the topics of the chapters. In chapter 4 “The Rise of the Managerial Class” he says “ My employees at Roviant who pushed me to do more as CEO were sincere in their desire for justice” (pg. 82).
In chapter 5 he says “ As I listened to the Democratic congressman and their witnesses lay out their case for these new SEC rules, I had a flashback to own experience watching the 2008 financial crisis” (pg.106). This is showing Ramaswamy reflecting on a Democratic congressman’s presentation on new SEC rules, triggering memories of the 2008 financial crisis. This outlook shows a sense of déjà vu and highlights the cyclical nature of financial regulations and crises. Vivek’s past experiences shows his skepticism or caution regarding proposed solutions, adding depth to their overall perspective and highlighting the enduring impact of historical events on contemporary decision-making.
Effort
Ramaswamy maintains a clear and coherent structure in Chapters 4 and 5, allowing readers to follow his exploration of woke capitalism’s historical roots and contemporary manifestations. Through well-organized presentation and compelling content, he effectively conveys his thesis on the complexities and implications of corporate social activism. These chapters are well organized and easy to follow. His incorporation of facts and personal experiences makes the chapters easy to follow and understand which creates a great readers experience.
Integration These are all issues that became a
large piece of the market that affected the fallout of these items.
The mortgage fallout
Racial Diversity
ESG friendly company- sustainable investing
Analysis
Ramaswamy argues that the backlash is just a smokescreen for the actual issues at hand. This is his alleged assumption that it harms social justice. Ramaswamy addresses that this should be at the forefront of companies and can be used as a vital marketing tool in the future. The fallout from one company can essentially lead to the growth of another.
The arguments are very thought provoking and it is an eye opening take on corporate social responsibility.
Evaluating Ramaswamy’s Arguments (Strengths) 1. Unique Insight: Vivek draws on his unique perspective/experience from the pharmaceutical industry to support
his discussion on how the rise of the managerial class is ruining corporate culture. (i.e. Pharma companies using Wokenomics to price gouge inconspicuously over-time rather than all at once, avoiding regulatory reform and customer dissatisfaction.)
2. Background on Corporate Structure: Elaborating on how corporate boards are selected and formed gives context and validity to the self-serving picture of the managerial class. (i.e. CEO chooses who will sit on their board, not shareholders, and that same CEO holds influence over those board members and decisions made.) Additionally, why CEOs elect to go public vs. staying private; removing accountability from the equation.
3. Opportunities for Success of Startups: Drawing on experience with his company, Vivek explains how he took his private company, not focused on the balance sheet, into the stratosphere by purchasing licenses to drugs larger companies had discarded. Vivek picked up where the large corporations had left off after they had already invested millions of dollars into the R&D. Providing insight into opportunities for startups.
4. Woke Capitalists Win in the End: Vivek argues ESG companies are successful as many capture the attention of the government while promoting social causes. In doing so they receive large amounts of aid, grants, and passing of beneficial legislation to assist with their efforts. This argument is supported by Vivek’s discussion of real-world examples such as BlackRock and AstraZeneca.
Evaluating Ramaswamy’s Arguments (Weaknesses) 1. Secondhand Account of Corporate Board Membership: While Vivek has great insight into how corporations’
function and has many connections to real corporate board members, he admits that he has never personally served on the board of a public company as part of this managerial class he feels is corrupt. His argument would be strengthened if he had firsthand experience to draw from.
2. Categorization of Entire Managerial Class as Self-Serving: In Vivek’s argument, he does not consider another side of the managerial class, one that is not self-serving or corrupt. Rather he lumps this entire sector of corporate culture into the same pool.
3. Investing into ESG Focused Companies is Less Profitable: While Vivek made this statement as principle, he provided counterintuitive evidence in his argument that this is not the case in real life. He is predicting a future collapse due to this; however, current data suggests there may be merit to placing emphasis on ESG factors. Ultimately Vivek remains neutral on a final opinion.
4. ESG Corporate Collapse Prediction: Vivek is simply providing a guess based on relating to the 2008 housing crisis. His argument is difficult for the reader to decipher accuracy of, as his analysis compares two very different markets. While Vivek does attempt to provide a crosswalk between how the two relate, this is a biased opinion.
Facilitating Discussion 1. Do you agree that blurred lines have been created from the rise of the
managerial class which negatively impact shareholders?
2. Should CEOs be protected by the business judgement rule (BJR) if a shareholder sues them for using company resources to fund their favorite social causes?
3. Should companies be required to disclose their economic, social, and governance factors (ESG)?
4. Like Vivek, do you also believe we are on the cusp of an ESG company bubble collapse similar to the 2008 housing crisis?
Application of Theory Woke, Inc. By Vivek Ramaswamy Chapter 4 and 5 Theorem According to Vivek
Ramaswamy in his book Woke, Inc., corporate capitalism is a self-interested tool used by corporations to increase sales and promote their brand by using woke capitalism. It has been suggested by him that woke capitalism is nothing more than a cynical marketing ploy designed to distract the public from real problems without addressing the underlying issues behind them.
According to Ramaswamy, woke capitalism is not really anything more than a public relations campaign which has been designed to create positive publicity for a company without actually doing anything to help those who are in need. The author cites the example of Nike’s “Just Do It” campaign, which he claims is nothing more than a publicity stunt that does not actually address any of the real issues facing society today, which he considers to be a publicity stunt.
General Summary Woke, Inc. By Vivek Ramaswamy Chapter 4 and 5 Summary Ramaswamy argues that businesses
should focus on providing goods and services that benefit society and not take part in political activism, instead they should focus on providing goods and services that benefit society and not engage in politics. Instead of engaging in political activism, he believes that businesses should focus on creating value for their customers and investors rather than focusing on political activism. Furthermore, he emphasizes the importance of creating long-term shareholder value rather than simply engaging in short-term activism in order to create long-term shareholder value for the company.
Ramaswamy further argues that businesses need to align their values with their goals and create an environment where their employees are able to flourish. Business decisions should be made in a way that is beneficial to all stakeholders, rather than just shareholders, as he argues. To conclude, he promotes that businesses should strive to make a positive impact on the world by making a difference through their operations.
Expand Your Understanding
Foglia, Matteo. Does every cloud (bubble) have a silver lining? An investigation of ESG financial markets. Journal of Behavioral and Experimental Finance
Democratic Socialists of America. The Real Story Behind the Crash and Burn of America’s Managerial Class. DSAUSA.org
Ramaswamy, Vivek. The Rise of the Managerial Class with Michael Lind. Youtube.com
https://www.sciencedirect.com/science/article/pii/S2214635024000431?ref=pdf_download&fr=RR-2&rr=872700ef58a5615f
https://www.dsausa.org/democratic-left/the_real_story-2/
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