The economic reality that everyone is now facing is the necessary dismantling of a flawed system that allowed for the egregious over-valuation of houses, bundled mortgages, re-financed debt portfolios. Now is the time for us to build a new reality, one based upon a new ethos of good economics and the new politics of optimism - but this will require alternatives to current corporate structures. By Sandy Skees
I just finished reading a wonderful paper submitted by Susan Mac Cormac, a partner at Morrison | Foerster, titled "The Emergence of New Corporate Forms," submitted at the 2007 Summit on the Future of the Corporation. Her premise is that the rigid divisions between for-profit and non-profit will no longer work in the new economy because companies and organizations are waking up to need and benefit of combined prosperity/social missions endeavors.
I couldn't agree more.
An example given, of the new Minnesota Socially Responsible Corporation, describes legislation that allows companies to create a corporate structure that integrates "financial success and social responsibility." This bill, introduced in 2007, is another indication that many disciplines and industries, including legal, taxes, corporate designations like B Corporation, and sustainable brands, are all participating in a new reality that is more than a fad, a trend.
Companies - whether early stage or established - that adopt a sustainability focus and match economic prosperity/shareholder value with social responsibility and environmental nurturing will be at the forefront of the new Good Economy.
A sustainability focus helps companies give customers better products that can lead to a better life. When all of us are stretched thin and trying to absorb the reality of our failing systems, the time is right for companies to join the effort by acknowledging their responsibility and opportunity.
What business wouldn't want to create a more profitable and innovative enterprise, all while building stronger relationships with customers, employees, communities and even shareholders?
That's the Good Economy we can all nurture, grow and celebrate.
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Sandy Skees is a senior international public relations/marketing strategist, providing counsel and program development for communications that affect people, planet and profits through stakeholder relationship management.
This article was originally posted on Sandy's blog, Communications4Good.
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