Creating shared value

What is the proper role of business in society?

- Henry J. Schumacher [e-mail]

The question certainly is not new. Debates about the private sector's responsibility for its economic, social and environmental impacts have been raging since the dawn of capitalism. We now also have to navigate the disruptive tariff landscape created by Trump.

What is new is the global consensus that business is the engine of economic growth and international development (I sincerely hope that Trump and warmongers like Putin and others understands that). Business can and must play an indispensable role alongside government, civil society and communities to solve complex, global (and local) challenges like hunger (food security), poverty (inclusive growth), inequality (wealth sharing), unemployment (dignity comes with a job) and climate change (renewable energy).

The role of business in society is highly contested ground. Private sector firms-from leading multinational corporations to small and growing businesses to startup social enterprises--have unique and essential assets and capabilities to combating major global (and local) challenges.