ESG is an economic and moral affront to the very concept of private ownership. Shareholders are robbed. Their pension plans end up with less value than they otherwise would have. The managers they entrusted with their wealth, whether they are company executives or portfolio managers of their retirement funds, are betraying them. Yet those people will grow fabulously wealthy, not by excellence but by government edict. Government officials decide the winners and losers in a charade that resembles capitalism the way professional wrestling resembles authentic combat sports.

It is difficult to assess the numeric affect ESG will have on GDP over the next generation. It is early days and we hope and expect that this terrible idea will join the ranks of other missteps like Lysenkoism and apartheid. We will be significantly poorer in a generation than we would be without ESG. Therefore, life expectancy will be significantly lower than if we avoided ESG, especially for the poor in both developed and less developed nations.