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Curse of the ethical executive
Why “corporate social responsibility” is not a welcome fashion
The Economist, Nov 15th 2001 | From the print edition

IT IS more than 200 years since Adam Smith observed that people enjoy their daily bread thanks not to the benevolence of their baker, but to his selfish pursuit of profit. In that observation and its implications lies the case for market capitalism. In their economic lives, people behave as though they had no regard for the public good. Yet the outcome, through the operation of the invisible hand, serves the public good better than any social planner could ever do.
Nowadays the triumph of the market is taken for granted. But this victory is far from complete—because Smith's insight is, even now, not widely believed. Social progress is still thought to issue not from profit-seeking behaviour, nor even from enlightened government policy (current orthodoxy, after all, frowns on too much of that), but from the benevolence of the baker. Companies are enjoined to do more than serve their customers and make money. Instead they must be “good corporate citizens”; they must attend to the needs of their “stakeholders”; they must contribute to “sustainable development”; they must strive to “raise standards” at home and abroad. Increasingly, companies respond to these admonitions, or affect to, with zeal.
So firmly has this view taken root that only a brave man would be willing to go on record against it. In a new booklet for the Institute of Economic Affairs*, David Henderson, formerly the chief economist at the OECD, has dared to risk the wrath of right-thinking people everywhere. He is not content to argue, as timid waverers might, that the new commitment to corporate social responsibility is a sham, behind which the search for profit carries on as before, leaving capitalism in good shape after all. Still less is he willing

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