This course explores the rise of Environmental, Social, and Governance (ESG) investing and its implications for markets, corporate governance, and individual liberty. Students will examine the intellectual and political roots of ESG, its global institutional drivers, and the evolving regulatory landscape shaping corporate behavior today. Through a close reading of foundational texts, policy papers, and critiques, the course unpacks how ESG reflects a broader shift from shareholder accountability to top-down stakeholder mandates. The course challenges students to consider whether this shift enhances moral responsibility or undermines the decentralized processes that foster innovation, prosperity, and freedom. Particular attention is given to the concentration of financial power, the role of global governance institutions, and the risk of politicizing capital allocation. Throughout, students will engage with competing visions of the corporation—one rooted in voluntary exchange and market feedback, the other in social engineering and bureaucratic oversight. By the end of the course, students will be equipped to critically assess ESG’s promises and pitfalls, understanding its role not just as an investment trend, but as a contested front in the struggle over the future of economic freedom and corporate purpose.