Leadership in an era of transparency.
The key to becoming a corporate leader is a contemporary take externalities - what economists call the impact we have on the world (pollution) of which is directly responsible.
There are three related trends:
- The increasing scale of business and its impacts
- Improvements in sensors that measure these impacts
- The high sensitivity of those involved in the undertaking (stakeholders)
With these three trends, the need to operate responsibly is increasing.
There is a difference between the irresponsible attitude of the tobacco by not accepting the risk of lung cancer in the 80's, and expedite action in the food industry for reduce trans fats from their products two decades later. This difference is summed up in the willingness to internalize the externalities.
Use externalities framework enable it to respond rationally and in ways that are simultaneously defensible to all stakeholders. By focusing on one's "footprint" of the company - the social problems it may have actually - you can set priorities, set measurable targets and take proper actions.
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