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Business ethics has become a big business in its own right. It’s grown from a fringe issue that some small time alternative CEO’s might mention in passing, to a corporate staple that has its own course in ninety percent of the business schools in America. Major companies now mix in ethical initiatives with their earnings reports and there are even dedicated research centers dedicated to studying how companies can solve all of the world's problems with some combination of acronyms. DEI, CSR, ESG, TBL… whatever your favourite is, they are all guidelines for how the world's most powerful companies can look out for something other than their own free cash flow…
So then, why is this the second worst idea in business history? Corporate social responsibility or ethical business, whatever you want to call it, it should be an easy idea to sell. You probably don’t like it when companies pollute your home, take your money with deceptive practices or lobby your government to spend your tax money on their bailouts. But operating ethically in business often comes at the expense of acting profitably, and company leadership who answers exclusively to their shareholders, will be forced into picking profits over ethics. Corporate social responsibility therefore is all about showing company managers, their boards and their shareholders that there is a way everybody can win, and that ethics and profit don’t have to be at odds with one another. It’s a message that’s catching on.
It’s understandable that investors would like their money going towards companies that are (at the very least) TRYING to do the right thing, but unfortunately not many people really understand how these investments work, or how they could actually be making these problems a lot worse.
So it’s time to learn How Money Works to find out why corporate ethics, is the second worst idea in business history.
