Two of the fundamentals of capitalism, namely the pursuit of growth and profit, are today being questioned in ways that would scarcely have seemed possible a generation ago.
Recent legal developments increase the obstacles for companies seeking to prioritise shareholder returns and raise the prospect that “orthodox” capitalism is now dead in all but name. Many of these developments arise from ESG-inspired shifts in norms and values. This article considers several recent developments and questions whether the fundamentals of capitalism remain intact.