What is the role of business in society?

Last week I took part in a panel discussion that debated “What is the role of business in society”. I thought you would be interested in what I had to say.

My position is simple, the role of business is to create wealth. The word "wealth" comes from two old English words - "weal" and "th" meaning "the condition of well being" or as Robert Kennedy put it "the things that make life worth living".

I would argue that the role of business has always been the same, to build and maintain the condition of well being. It's clear that over time society's views and perceptions of business's license to operate has changed but one thing has remained central, the drive for success and competitive advantage. We often talk about business as if it is a living entity in its own right, but business is a community of people, a cross-section of society, open to normal human frailties - largely motivated by greed and fear.

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