Debating the Responsibility of Capitalism in Historical and Global Perspective

This working paper examines the evolution of concepts of the responsibility of business in a historical and global perspective. It shows that from the nineteenth century American, European, Japanese, Indian and other business leaders discussed the responsibilities of business beyond making profits, although until recently such views have not been mainstream. There was also a wide variation concerning the nature of this responsibility. This paper argues that four factors drove such beliefs; spirituality, self-interest; fears of government intervention; and the belief that governments were incapable of addressing major social issues.