Posted by student TIM GIATTINA – As part of my International Public Service Project in Shanghai, China, I recently had the opportunity to attend the China Europe International Business School (CEIBS) Being Globally Responsible Conference 2008. The conference, touted as the largest student-organized Corporate Social Responsibility (CSR) conference in the Asia Pacific region, brought together business leaders, academics, and students from around the world. For two days, attendees discussed how CSR should be integrated into the emerging business model of the 21st century global economy. For those unfamiliar, the host institution, CEIBS, boasts an MBA program ranked No. 1 in Asia and No. 11 worldwide based on rankings reported by Financial Times.
Throughout the sessions and speeches, the theme of “balance” was reiterated. How can the new business model reflect the optimal balance of creating profits while simultaneously promoting the common good? Clearly, there is no silver bullet, but it was encouraging to see so many current and future business leaders committed to working towards a more responsible global economy.
Strikingly, nearly all conference participants echoed that CSR, once viewed as detrimental to the cost structure and bottom-line of businesses, now represents a value-added asset that serves both shareholders and stakeholders. While recognizing merits of the Friedman model that prevailed to drive markets across the globe in the 20th Century, those at CEIBS continually stressed that the global business community is undergoing a paradigm shift. CSR is no longer just good public relations, but increasingly a necessity to running a healthy, profitable enterprise. Now more than ever, businesses must grasp the impact they have on all stakeholders and reflect this in their organizational framework.
The notion, once seemingly so foreign to capitalism — that business progress and social progress can exist symbiotically — is a refreshing prospect in the globalizing world. And with continued efforts from business schools and the corporate community, we can continue the progress toward making this prospect a reality.
Tim Giattina is a Clinton School student conducting a research project with the American Chamber of Commerce in Shanghai, China.
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