The government of the People’s Republic of China has developed a Social Credit System, which is a national credit rating which is used to blacklist corporations and individuals who have transgressed against CCP mandates and guidelines. It is basically an extension of the existing financial credit rating system in China. Many believe that it “oversteps the rule of law and infringes the legal rights of residents and organizations, especially the right to reputation, the right to privacy as well as personal dignity, and that the system may be a tool for comprehensive government surveillance and for suppression of dissent from the Chinese Communist Party” (Wiki).
The ESG system developed by the World Economic Forum (WEF) and now implemented by all of the large institutional investment transnational corporations (such as Blackrock, Vanguard and State Street) has incorporated elements of the Chinese Social Credit system. The use of ESG scores has now swept the corporate world, and a good score is necessary to obtain large amounts of capital or to obtain government contracts (in some countries.)
Social scoring criteria are subjective and influenced by the political and social objectives and goals of individuals and organizations. In a capitalist society, such a system does not belong in the realm of determining which businesses will allowed to be successful at a global level. ESG scores seem suspiciously akin to that failed political system known as Marxism.
- From the WEF: “You Will Own NOTHING and Be Happy”
- Marxism (Definition): “The abolition of private property.”
Marxism (simplified) is a political and economic theory where the goal of a society has no class structure. Where every person within the society works for a common good, and class struggle is theoretically gone. Marxism can be summed up in a single sentence “the abolition of private property.” Now, when people no longer have ownership, they no longer have an interest in the system. They have no personal motivation to improve the situation, because improvement will not benefit themselves. This is why Marxism always fails.
No comments:
Post a Comment