“Corporate social responsibility” is a bust.
The San Francisco Chronicle reports on its interview with Branson:
…In his new book, Screw Business as Usual, Branson argues that businesses should endeavor to do good, not simply generate revenue and profit. He contends that companies with responsible agendas are capable of outperforming businesses whose focus is solely on top and bottom line numbers. To Branson, doing good means more than charity, it means committing the company’s talent to changing the world. Virgin Group’s non-profit foundation, Virgin Unite, is committed to solving problems ranging from slashing carbon emissions through its Carbon War Room, to peaceful conflict resolution through its Elders initiative…
As to “businesses should do good, not simply generate revenue and profit,” Steve Milloy wrote (Aug. 30, 2010) in the Wall Street Journal:
The role of business in society is to sell goods and services that the public wants, by which activity business creates wealth, employment and the taxes that support government. Profit-making is a difficult enough endeavor for most businesses without being expected to also take on the additional roles of government, charities and social activist groups.
As to “companies with responsible agendas are capable of outperforming businesses whose focus is solely on top and bottom line numbers”, Steve Milloy recently pointed out (Dec. 19, 2011) in the Wall Street Journal:
When economist Art Laffer performed (in 2005) the first empirical study of “sustainable capitalism,” also known as “corporate social responsibility,” he found “no significant positive correlation between CSR and business profitability as determined by standard measures.”