The Silence of Mammon

The recent Economist article, titled “The Silence of Mammon,” is a must-read for anyone interested in reshaping the business world. It presents several thought provoking points on the current nature of business and its impact on the global community.

“The Silence of Mammon”

In response to the widespread resentment over the last year and a half toward corporations, specifically investment banks, for their role in creating and exacerbating the disastrous economic conditions, the article sets forth a few good reasons to value businesses.

First, businesses are one of the primary impetus’ behind globalization. Over the past decades, companies have grown exponentially in their positive and negative impact to societies, cultures and the environment. Yet we need to point out the culture shifts that are, in fact and in part, helping the world develop; differing cultures are forced to work collectively for a common goal within a globalized market place. This level of cooperation differs from recent history when rapid cross-border communication and commerce did not always occur or was heavily influenced by each country’s political relations and political agendas. Economies are opened to new ways of developing; and students now have new ways of learning. For that, large businesses need to be recognized for their positive impact in this area.

Second, companies are, generally, trying to evolve beyond a “greed is good” mentality and create a multi-dimensional approach to value-add. Financial performance is sometimes the result of creating products that help people across the world. One result is the rise of standard of living in the global economy through cheaper medical and service products.

Third, corporations are some of the largest economies in the world and act as counterbalances to government power. Governments have been marred with corruption for quite some time. And although corporations have not been lily-white, there are different sets of accountability mechanisms that can help regulate behavior. One feedback mechanism for corporations is identifiable – consumers can refuse to buy products and services. It’s not perfect, but it’s a start.

In essence, the Economist article provides reasons to value corporations. Of course, as recent events show, these massive organizations can inflict great damage through poor choices on the well-being of a community. Yet, at the same time, corporations increase cultural cooperation, create better products, and act as checks against governments.

JBC works with large corporations to better accomplish these goals through increased diversity within the workplace, leading to innovation and skilled leadership.

-David Megathlin
Senior Director, Research, JBC

-Scott Nason
Associate, Research, JBC

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LABELS: corporate america, corporate social innovation