Corporate citizenship as investing in social capital

Viac o knihe

At the start of the 21st century, globalization and technological advancements are reshaping our world, creating new opportunities and cooperative networks to enhance economic capacity and cultural exchange. However, these changes also bring challenges, as the benefits of globalization are unevenly distributed. Communication elites thrive, while the poorly educated remain skeptical and negative about developments, facing isolation and disintegration. This divide fosters expectations for the successful to "give back," leading to protests against perceived injustices and questioning the overall gains of globalization. Movements like those in Seattle and Davos signal a potential rise in protectionist sentiments. The concept of "Corporate Citizenship" transcends traditional business ethics, highlighting a fundamental shift in the relationship between business and society. Modern corporations must invest in their social and institutional environments—referred to as "social capital"—just as they invest in physical and human capital. Building strong community relations is essential for generating trust, fostering innovation, and maintaining regular interactions with various stakeholder groups. By acting as responsible corporate citizens, businesses can address pressing societal issues while also enhancing their long-term profitability.