Stakeholder Capitalism and the Future of American Democracy

As Americans of all stripes debate contentious social issues, one group in particular is making its voice heard: corporate leaders. Citing the doctrines of “stakeholder capitalism” and “corporate social responsibility,” business executives are no longer content to fulfill their obligations to their shareholders. Meanwhile, cutting-edge tech companies have gone from hosting fractious political arguments to participating in them. What does this entanglement between business and politics portend for the future of American democracy? Biotech entrepreneur Vivek Ramaswamy went from being an accomplished investor to starting his own company, Roivant Sciences. In the process, he’s gained insight into the changing corporate world, in which his fellow executives wield their market power to advance their desired causes. As firms in industries from entertainment to finance wade into our political conversations, the nature of American capitalism is changing—and Ramaswamy can explain how and why.