The world's largest 800 non-financial companies account for as much economic output as the world's poorest 144 countries. While companies are not tasked with the responsibilities of governments, their scale and influence necessitate their involvement in coping with environmental problems such as greenhouse gas emissions and other social problems, including epidemics and urbanisation.
Taking a broad view of what companies are for is not bad business. In public opinion surveys consumers say they prefer to buy products and services from companies they feel are socially responsible. Even investors are getting interested. Ethical investing is growing as a discipline.
Challenging Nobel laureate Milton Friedman's 1980s-style dictum that a company's only responsibility is to make a profit, executives today are increasingly seeking ways to combine economic gain with social well-being.
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