Like many things faddish and ephemeral — disco, Pet Rocks, feathered hair, taking Michel Foucault seriously as an intellectual — the 1970s gave birth to the concept of stakeholder capitalism, one of the most unfortunate yet enduring of the bad ideas that polyester decade bequeathed us. At its essence, stakeholder capitalism is Marxian capitalism run through a lens of business ethics. It is the attempt to maintain authoritarian control over capitalism by forcing upon the Invisible Hand a Velvet Glove, then using that glove, which hides an iron fist, to pound the world into adopting values that both assert and maintain its worldview. It is Theory applied to markets, marketing, wealth creation and management, and an overall globalized ethos of required and policed “virtue,” with the end goal being — as it always is under the discourses of cultural Marxist thought — power: who has it, who controls it, and who uses it for their own ends most effectively and ruthlessly.

Of course, nobody participating in the push to replace shareholder capitalism with stakeholder capitalism would describe it this way. But then, euphemism and branding are each crucial tools in the Marxist’s verbal toolbox.