Woke capitalism

"Woke capitalism", "woke capital" and "stakeholder capitalism"[1] are terms used by some commentators to refer to a form of marketing, advertising and corporate structures that pertains to sociopolitical standpoints tied to social justice and activist causes.[2] The term was coined by columnist Ross Douthat in "The Rise of Woke Capital", an article written for and published in The New York Times in 2018.[3][4]

A Bud Lite advertisement at an LGBT pride event.

Analysis

By the mid-2010s, forms of rhetoric that were later retroactively labelled as "woke" had entered mainstream media and were being used in marketing and advertising;[5] campaigns associated with this trend have been generally perceived by consumers as insincere and inauthentic, and have provoked cultural backlashes.[6]

Cultural scientists Akane Kanai and Rosalind Gill described woke capitalism as a then-"dramatically intensifying" trend in which public relations pertains to the concerns of historically marginalized groups (such as in terms of race, gender and religion), using them as mascots in advertisements with messages of empowerment. On the one hand, this creates an individualized and depoliticized idea of social justice, using depictions of social action to signify an increase in self-confidence; on the other hand, the omnipresent visibility in advertising of minorities can also amplify a backlash against their equality. For people in lower economic strata, the equality of these minorities thus becomes indispensable to the maintenance of capitalism, with the minorities being seen as responsible for the losses of the system.[7]

Reception

The term woke-washing was used in 2019 by Alan Jope, chief executive of Unilever, who warned that brands which failed to take verifiable action on their rhetoric could "further destroy trust in our industry".[8] Helen Lewis held the opinion that cancel culture is the result of what she calls "the iron law of woke capitalism", and believes that it is used for inexpensive messaging as a substitute for genuine reform.[3] Will Hutton wrote that he believed woke capitalism is "the only way forward", citing principles of corporate responsibility.[1] Alternatively, Elizabeth Bruenig noted that while woke capitalism has been seen as an evolution of capitalism that can create unprecedented benefits for the public good, it remains a form of capitalism and hence cannot be celebrated without aligning with capitalist interests;[9] similarly, Andrew V. Abela held the opinion that it does little to actually further progressive causes.[10]

Counter-movement
Main article: Go woke, go broke

Beginning to a major degree in the 2020s, members of the American right have perpetuated efforts to boycott companies which openly support "woke" causes. The phrase go woke go broke has been an umbrella catchphrase to denote companies subject to boycotts against companies for "going woke" or engaging in activities like promoting diversity, equity, and inclusion or in the case of Bud Light maker AB InBev, partnering with transgender influencers. Many companies subject to "go woke go broke" campaigns, including AB InBev, Target, and the Walt Disney Company have seen declines in revenue, profit, and/or stock value as of a result of "go woke go broke" campaigns, though some figures in business, such as Mark Cuban, have defended companies engaging in "wokeness" by arguing that engaging in social justice causes reflects companies caring about their customers.[11][12]

See also

References
  1. Hutton, Will (January 30, 2022). "'Woke' capitalism is the new villain of the right. It's also the only way forward". The Guardian.
  2. "Woke, not broke". Bartleby. The Economist. Vol. 430, no. 9127. January 26, 2019. p. 65. ISSN 0013-0613.
  3. Lewis, Helen (July 14, 2020). "How Capitalism Drives Cancel Culture". The Atlantic.
  4. Douthat, Ross (February 28, 2018). "The Rise of Woke Capital". The New York Times.
  5. Sobande, Francesca (2019). "Woke-washing: 'Intersectional' femvertising and branding 'woke' bravery" (PDF). European Journal of Marketing. 54 (11): 2723–2745. doi:10.1108/EJM-02-2019-0134. ISSN 0309-0566. S2CID 213469381. adverts span from 2015–2018, which reflects the point at which the language of 'woke(ness)' entered mainstream media and marketing spheres
  6. Mirzaei, Abas (September 8, 2019). "Where 'woke' came from and why marketers should think twice before jumping on the social activism bandwagon". The Conversation. Retrieved July 11, 2021.
  7. Kanai, A.; Gill, R. (October 28, 2020). "Woke? Affect, neoliberalism, marginalised identities and consumer culture". New Formations: A Journal of Culture, Theory & Politics. 102 (102): 10–27. doi:10.3898/NewF:102.01.2020. ISSN 0950-2378. S2CID 234623282.
  8. Davies, Rob. "Unilever boss says brands using 'woke-washing' destroy trust". The Guardian. Retrieved July 5, 2021.
  9. Bruenig, Elizabeth (April 28, 2021). "Opinion | The Rise of 'Woke Capital' Is Nothing to Celebrate". The New York Times.
  10. Abela, Andrew V. (November 26, 2020). "Opinion | Woke Capitalism in a Secular World". The Wall Street Journal.
  11. "If US companies 'go woke', do they really go broke?". BBC News. June 20, 2023. Retrieved July 20, 2023.
  12. "Salena Zito: Target and Bud Light are hurting, but Mark Cuban says wokeness is good business". Pittsburgh Post-Gazette. Retrieved July 20, 2023.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.