All right. Hey, everybody. This is James Lindsay. You're listening to the New Discourses podcast.

And there's a concept that we are already familiar with that we need to know more about called stakeholderism.

This is my kind of big discovery by accident in the past few days.

We've talked about stakeholder capitalism and Klaus Schwab and all the rest.

But there is a overarching political, social, economic philosophy, economic, really, philosophy called stakeholderism.

That's actually where stakeholder capitalism lives.

And I didn't know that.

Maybe I should have known that.

It's a philosophy in short.

What stakeholderism is is a competitor philosophy to shareholderism, just to be very simple. And the whole podcast today is going to be about this kind of discovery I made about stakeholderism

and where it comes from and how it's implemented and the rabbit hole that I went down on the

process of discovering it and its relevance not just to the woke left world economic forum,

but to the woke right also. And so the basic ideas, you've got these

two schools of thought at least about how corporate management should be affected, particularly

at the level of the state. I'm not talking about specific schools. I'm saying that you have these

two broad ideas. One is shareholderism. So that is the idea of shareholder primacy. That's a phrase you maybe have heard.

It's the idea that the corporation's fiduciary duties are to its shareholders. It's very simple.

This is a philosophy on fiduciary duty and responsibility, corporate responsibility.

And so shareholderism is that the fiduciary responsibility lies with

shareholders. And to contrast that, there's this idea of stakeholderism. And the stakeholderism model

says that corporations have broader fiduciary responsibilities than to just their shareholders. Their shareholders in that they are

invested in that they have a share in the company and in fact will receive dividends and so on

...