Each generation has business leaders who address the problems of their age — these issues have grown from colonialism to climate change: Geoffrey G. Jones

economictimes.indiatimes.com:

Geoffrey G. Jones is the Isidor Straus Professor of Business History at Harvard Business School. Speaking to Srijana Mitra Das, he discusses the evolution of socially responsible companies:

Q. In your book ‘Deeply Responsible Business’, what factors shaped values-driven leadership?
A.

Each of the business leaders I’ve described faced particular external crises. In an earlier era, some were concerned about colonialism and their nation’s backwardness. Today, some care about inequality or the ecological crisis.

Each of these people arrived at their views about responsibility in the face of an external challenge — they saw business as a way to address that.

Q. What is the difference between what you term ‘deep responsibility’ and corporate social responsibility (CSR)?
A. My view about CSR is somewhat cynical in the sense that 95% of the things a company does might not be very good for society but it gives away five percent of its profits for good causes.

That will never radically change the world — in contrast, deeply responsible leaders argue that everything they do should make a positive contribution, including the product or service they provide. Secondly, how they operate must be proper, which means treating their employees, other stakeholders and government fairly. Thirdly, they support and sustain communities.

This is quite different from giving 5% to good causes — deep responsibility is a holistic view. Such leaders also believe making profits is a means to an end, rather than the end itself. Their values can come from spiritualism, Hinduism, Jainism, a Quaker philosophy, etc.