Here is said Jacobin article:
For those not in the know of lefty Internet corners Jacobin is a full on socialist (even communist ) online magazine suitably named after the most radical faction in the French Revolution. The fact this is being seriously discussed in a Bloomberg article is impressive enough. But what is even more remarkable is how positive the Bloomberg piece is of the analysis!
"Still I am so desperately fond of this theory. What I love -- what is made so clear in Jacobin's discussion -- is how it wraps capitalism all the way around to socialism. Index funds are in many ways a perfection of financial capitalism: Not only are they the result of scientific finance (modern portfolio theory, the efficient markets hypothesis, etc.) replacing earlier and less rigorous forms of investing, but they also concentrate and align shareholders with each other, and corporate managers with shareholders, in a way that seems like it would be well suited to "ensure that corporations remain within capitalist logic." And the result is something that both Marxists and also financial analysts think is quasi-communist, that "undermines the basic logic that made capitalism an economically and politically successful system in the first place." What if Marx was right that capitalism would ultimately destroy itself, but the way that it does so is through index funds? "
Socialism is forcing its way back into the overton window
How do you think you'll do?