stock here: this is part of a Broader Theory. Why does big tech and big media “become woke”, i.e. become leftists. Simple: because of their sucess and their size and the ability to manipulate the market in a monopolastic way, they do not noticeably bear the consequences of their bad decisions. At least for a time span.
Now the bad decisions of Woke companies like Nike, Target, REI are closing down their stores in the societal areas that their wokeness has destroyed.
MISH is a great guy although he sometimes gets it wrong. Whatever, he is a Chicago economist, at least he is not woke like the Chicago Boys that have destroyed so many countries and lives.
ChatGDP did this summary too, 2 versions:
Interpretation 1: The Leftist Spiral of Urban Decay
In this narrative, the article paints a picture of urban decay fueled by a combination of woke corporate decisions and government policies. The author suggests that successful businesses, particularly big tech and media, lean towards left-leaning ideologies due to their size and success, which insulate them from the immediate consequences of their decisions. The focus then shifts to the impact of such decisions on cities like Portland, where businesses like Nike, Target, and REI have closed stores due to rising crime rates. The article implies a connection between progressive policies, such as defunding the police and dropping education standards, and the increase in crime. The city’s demographics and declining population are presented as evidence of a larger issue, attributing the decline to a leftist approach to governance. The narrative suggests a spiral of urban decay driven by a combination of progressive ideologies, crime, and economic consequences.
Interpretation 2: The Unintended Consequences of Equity
This interpretation focuses on the unintended consequences of equity-driven policies. The article highlights instances where equity initiatives, such as dropping graduation standards for the sake of fairness, lead to unexpected outcomes. The narrative emphasizes the closure of schools in Chicago due to the end of a tax credit scholarship program, which had been a lifeline for many students. The article suggests that the pursuit of equity can sometimes backfire, adversely affecting educational institutions and contributing to closures. Additionally, the impact of online shopping trends and the broader economic shifts during and post-COVID are discussed as factors influencing store closures. The article argues that while online shopping is a significant factor, issues like crime and immigration policies in progressive cities play a crucial role in the decline of urban areas. Overall, this interpretation focuses on the unintended consequences of equity-focused decisions in education and economic policies.