Defense sector values challenge the legitimacy of ESG criteria

Article published in Challenges on April 8, 2025.

In a market economy, prices reflect both the sacrifices the community makes to make goods available to consumers and the value that consumers place on those goods. If an entrepreneur has a technology that allows them to sell a good at a price higher than the value of the inputs required for its production, their profit will be positive and will reflect the societal value created by their business. Maximizing profit therefore amounts to maximizing the common good. This is the creed of neoliberalism that generations of postwar economists have championed, in which our business leaders are portrayed as modern-day heroes. A powerful movement of experts from the world of finance has been rebelling for at least two decades to oppose this liberal thesis. This rebellion is justified...

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Illustration: Photo by micheile henderson on Unsplash