Affording Responsibility
In the run-up to the global recession of 2008/2009, a growing chorus
of critics and consumers were insisting that companies of all sorts embrace a stronger commitment
to corporate social responsibility (CSR). Much of this centered on sustainability, but many other areas were implicated as well, from fair labor to fair trade to community engagement to philanthropy. Social accounting metrics were making inroads and globalization had come under widespread criticism. Many observers felt that CSR had become “table stakes.” Doing well by doing good was the mantra of the times. But then the tumultuous economic tumble in the fall of 2008 triggered the worst global downturn since
the 1930s, along with a lingering stagnation that is stifling a robust recovery. As a result, many pundits now question whether CSR remains relevant and affordable in a time of financial austerity.