Fundamentals of Philosophy and Islamic Philosophy
Philosophy fundamentally examines essential inquiries regarding existence, knowledge, values, reason, and the essence of reality. It functions as a means of investigation that rigorously analyses the foundational concepts of diverse domains of thought, such as ethics, metaphysics, politics, and epistemology. Historically, philosophers have endeavoured to elucidate the world by logic and reason, providing frameworks to direct human conduct, governance, and the quest for truth.
In the Islamic realm, philosophy (falsafah) emerged in the early years of Islam, integrating Hellenistic philosophy with Islamic ideas. Islamic philosophers such as Al-Farabi, Ibn Sina (Avicenna), and Al-Ghazali made substantial contributions to the advancement of Islamic theology and the wider intellectual traditions. Al-Ghazali was a crucial person in evaluating the engagement of Muslims with philosophy during his day. He contended that although philosophy possesses virtues, it can be perilous if divorced from a robust ethical and religious grounding. His pivotal work, The Incoherence of the Philosophers, condemned individuals who distorted philosophy in manners that jeopardized the fundamental tenets of Islam, cautioning that such academic endeavours, when devoid of spiritual and ethical foundations, could result in confusion and societal disarray.
This critique reflects the contemporary issue I notice, particularly regarding the application of modern philosophical trends, such as postmodernism, in social activity.
Postmodernism and Its Impact
Postmodernism is a comprehensive and intricate philosophical movement that arose in the mid-20th century as a response to modernist principles. It dismisses the concept of universal truths, favouring relativism, subjectivity, and scepticisms regarding established narratives and power structures. Postmodernist theorists such as Michel Foucault, Jacques Derrida, and Judtih Butler underscored the deconstruction of conventional beliefs, asserting that truth is formed through language, culture, and social dynamics rather than being intrinsic or absolute.
Postmodernism has offered important perspectives on power, identity, and social constructs, however it has also resulted in considerable difficulties, especially in political and cultural discourse. The focus on deconstruction and relativism has occasionally led to the deterioration of common truths and a fragmented comprehension of reality. In my opinion, this has been especially apparent in the manner in which groups such as DEI and ESG have integrated postmodernist concepts.
So, what are DEI and ESG?
Diversity, Equity, and Inclusion (DEI) is an ideological framework designed to rectify historical injustices and enhance representation and fairness across several social categories, including race, gender, and sexuality. DEI proponents want to eradicate systematic disparities and establish environments that include and empower different groups. In principle, this is progressive and advantageous; yet, in practice, DEI frequently extends into domains that necessitate the rejection of common facts or even biological and social realities. Discussions regarding gender, sex, and normalcy have occasionally been recontextualized to contest conventional interpretations, resulting in debates over the nature of truth and the authority to define it.
Environmental, Social, and Governance (ESG) is a modern paradigm utilized to assess corporate and institutional activities concerning their environmental effects, social accountability, and governance frameworks. ESG gained prominence as firms and governments prioritized ethical investments and sustainable business practices. Nonetheless, ESG has encountered criticism for being appropriated by neoliberal economic interests, functioning more as a marketing instrument than as a sincere endeavour to tackle societal challenges. In this context, ESG corresponds with the neoliberal policies that arose under the Reagan and Thatcher administrations, wherein the global economic transition prioritized corporate interests over those of labourers and marginalized populations.
The Convergence of Neoliberalism and Postmodernism in Diversity, Equity, and Inclusion (DEI) and Environmental, Social, and Governance (ESG)
In my opinion, DEI and ESG signify a confluence of neoliberalism and postmodernism. Neoliberalism, characterized by its advocacy for free-market capitalism, deregulation, and the supremacy of corporate power, has profoundly impacted global economic policies since the late 20th century. Leaders such as Ronald Reagan in the U.S. and Margaret Thatcher in the U.K. initiated this transformation, advocating economic policies that favoured corporate profits over social welfare. This neoliberal worldview persists in influencing contemporary society, where corporate concerns frequently overshadow political dialogue.
Postmodernism, characterized by its repudiation of absolute truths and its adoption of deconstruction, has been integrated into this discourse through the inclusion of theories such as queer theory and various critical social theories. These theories, originating from the Chicago School of Sociology and post-Marxist thought, shifted their emphasis from class struggle and economic inequality. They shifted their focus to identity, power, and speech, frequently resulting in an increase in activism over gender, sexuality, and social norms.
Although these movements are based on valid concerns for justice and equity, I contend that they have been embraced and implemented indiscriminately by numerous individuals who lack the intellectual rigor or foundation to comprehend their ramifications completely. Similar to Al-Ghazali’s indictment of Muslims who misappropriated philosophy in his day, I contend that the unexamined implementation of postmodernist and neoliberal concepts in DEI and ESG may result in societal disarray and a disintegration of common values. This is particularly apparent in the manner in which certain activists and institutions advocate for certain agendas, often neglecting the wider societal repercussions, including the deterioration of established cultural and ethical standards.
My Analysis of DEI and Its Societal Impact
Upon examining the present landscape of social activity, I note that numerous individuals within the LGBTQ+ community themselves are gravitating towards conservative ideals, demonstrating reverence for old institutions and distancing themselves from the more radical factions of activist movements. Activists and western liberal ideologies are losing favours globally. In my view, the most outspoken advocates of DEI that we sees on news, or online social medias are often activists rather than individuals from the communities in question. This indicates an increasing disconnection between activism and the actual experiences of the individuals it purports to represent.
Furthermore, DEI’s insistence on rejecting shared truths—such as biological sex and established societal norms—fosters an environment in which relativism prevails as the primary paradigm. This may be disruptive, as it erodes the notion of a collective reality or shared ethical base. Similar to the intellectual errors cautioned against by Al-Ghazali, I contend that a society that forsakes its foundation in holy or collective truths is susceptible to turmoil and disintegration.
In conclusion, although DEI and ESG aim for justice and equity, their amalgamation with postmodernist and neoliberal ideologies has produced a problematic framework that undermines essential elements of truth, culture, and morality. In the absence of a solid foundation—be it philosophical, ethical, or religious—these movements are likely to foster greater division than cohesion, resulting in societal disarray and instability.
BlackRock: Synopsis and Impact
How does BlackRock, ESG and DEI connected to this? Well, BlackRock is the preeminent asset management organization globally, possessing about $9 trillion in assets under management as of 2023. Established in 1988 by Larry Fink, BlackRock functions on a worldwide scale, overseeing investments across several asset classes such as equities, fixed income, real estate, and private equity. Its magnitude and scope exert a significant impact on financial markets, governments, and enterprises. BlackRock’s investment methods and advising services span various industries, positioning it as a pivotal influence in determining global economic policies and corporate conduct.
BlackRock’s Aladdin software, a pivotal risk management platform, is utilized by both BlackRock and prominent global institutions to evaluate financial risk and inform investment decisions. This positions BlackRock as a crucial entity in the allocation of money and the governance of enterprises worldwide.
In recent years, BlackRock has established itself as a frontrunner in socially responsible investment by emphasizing Environmental, Social, and Governance (ESG) principles and endorsing Diversity, Equity, and Inclusion (DEI) initiatives.
ESG denotes a framework of criteria employed by investors to assess a company’s ethical influence and sustainability. Environmental factors encompass a company’s carbon footprint and utilization of natural resources. Social aspects analyse how organizations oversee their interactions with employees, suppliers, customers, and communities. Governance pertains to a company’s leadership, audits, internal controls, and shareholder rights.
BlackRock has actively championed ESG investing, with CEO Larry Fink notably dispatching annual letters to CEOs, pushing them to emphasize long-term sustainability and prioritize ESG criteria in their company plans. Fink’s 2020 letter contended that “climate risk is investment risk” and urged corporations to mitigate their carbon footprints to secure long-term profitability. BlackRock has been instrumental in the transition to ESG investing, which prioritize the generation of long-term value for shareholders while tackling environmental and social concerns.
BlackRock’s focus on ESG has not only transformed corporate governance but has also prompted other asset managers and institutional investors to pursue sustainable and ethical business practices. Its pre-eminences in the banking sector renders its advocacy for ESG significantly influential. By imposing ESG requirements on corporations, BlackRock compels company boards and executives to match their objectives with these standards to secure investment or preserve advantageous shareholder relations.
Critics of BlackRock’s methodology contend that its advocacy for ESG principles frequently constitutes a variant of corporate greenwashing, wherein firms superficially embrace ESG tenets without implementing meaningful alterations to their environmental and social policies. Some contend that BlackRock’s emphasis on sustainability and governance is subordinate to economic goals, as several investments continue to be linked to fossil fuels and other ecologically detrimental sectors.
The BlackRock and DEI
BlackRock promotes DEI in its corporate processes and the firms it invests in in addition to ESG. DEI projects promote diversity, fairness, and inclusion in the workplace.
BlackRock pledged to diversify its leadership and personnel. BlackRock’s 2021 annual report underlined DEI as a significant aspect in its corporate governance and aspirations to boost Black and Latinx employee and management representation.
BlackRock also utilizes its shareholder voting power to pressure other companies to adopt DEI policies. BlackRock sometimes supports gender and racial diversity on corporate boards when voting on board diversity proposals at firms in which it holds shares.
BlackRock influences DEI outside its internal policy. As a major stakeholder in thousands of companies, BlackRock influences boardroom DEI decisions. This can involve voting for resolutions to increase gender and racial diversity in company leadership or making companies accountable for missing diversity targets.
BlackRock, ESG, DEI relationship
ESG and DEI are linked by BlackRock’s sustainable and responsible “progressive” capitalism with the help of neoliberal globalist policies by their proponent’s concept, while also at the same time injecting a very dangerous strain of reckless usage of philosophy of “postmodern” branches. Long-term financial success is increasingly related to a company’s environmental and social performance, according to BlackRock. By incorporating ESG and DEI into its investing criteria, BlackRock ensures that its portfolio firms are profitable and socially responsible.
BlackRock enforces ESG and DEI norms with its massive shareholder power. The firm often votes for climate-related disclosures and diversity initiatives at shareholder meetings, encouraging corporations to adopt more sustainable and inclusive practices. Many asset managers and institutional investors have followed BlackRock’s ESG and DEI priorities.
Critics say BlackRock’s ESG and DEI efforts are more show than substance. Despite its protests, BlackRock invests in polluting and unequal businesses. This raise concerns that ESG and DEI activities are being utilized to deflect criticism without changing company policies.
Final note: BlackRock’s involvement in ESG and DEI demonstrates the firm’s powerful role in shaping corporate practices around the world. By leveraging its massive assets under management, BlackRock has the ability to enforce environmental and social standards that influence how businesses operate.
Summarisation of the article
Diversity, Equity, and Inclusion (DEI) is often regarded as a modern manifestation of pluralism, but it can be argued that it represents one of the more problematic forms. DEI policies, in some interpretations, demand the denial or revision of foundational or generally accepted truths, including those related to sexuality, gender, and the very concept of normalcy. This can lead to a paradox where the push for inclusivity undermines shared societal understandings.
Recent observations have shown a shift within marginalized groups, such as the LGBTQ+ community, where members, particularly gay and lesbian individuals, are becoming more conservative and less inclined to engage in activist movements. Instead, they have shown an increasing respect for established institutions, leaving activist circles to become dominated by more radical voices.
DEI and the broader framework of Environmental, Social, and Governance (ESG) can be viewed as part of the larger neoliberal economic agenda, particularly when considering their entanglement with postmodernism. Neoliberal policies, as seen in the Reagan-Thatcher era, reshaped global economic and political landscapes in favour of corporate interests and financial institutions. This shift paved the way for the rise of ESG frameworks, which superficially appear to address social and environmental concerns but often align with corporate strategies aimed at maximizing profitability.
At the same time, postmodernist thought, particularly from the Chicago School of Sociology, merged with Marxist economic theory. However, it did so by rejecting the classical focus on the working class and the impoverished, as those causes were no longer deemed fashionable or central in contemporary discourse. Instead, this fusion introduced a deconstructivist and queer theory approach that has often been applied without discipline or philosophical rigor, allowing for widespread misapplication by individuals who lack the foundational understanding of these concepts.
A comparison can be drawn to Al-Ghazali’s critique of Muslim philosophers of his time. He argued that many were engaging in philosophy without the necessary grounding in Islamic ethics, values, and discipline, which ultimately led to social and intellectual chaos. Similarly, when philosophical frameworks like postmodernism are applied without a proper ethical or ideological foundation—such as religion in Al-Ghazali’s case—the result can be societal disintegration or a departure from meaningful discourse.
In this context, the lack of grounding in traditional values and established norms, coupled with the unchecked application of postmodernist thought in DEI and ESG policies, risks contributing to a broader societal fragmentation.
This article is written by our guest writer, Mr. Ahmad Farouk bin Haqq.
