“Companies, to date, have often used the excuse that they are only beholden to their shareholders, but we need shareholders to think of themselves as stakeholders in the well being of society as well.”
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The private sector must play a role in ensuring the prosperity and health of the people who comprise its market. It is time for the private sector to become a proactive partner contributing to the efforts of governments and philanthropies.
Let's hope brands recognize that the true power of this technology is not its reach but its ability to communicate substance that adds meaning to our lives. Otherwise, brands will be investing in technology that consumers simply won't buy.
In the coming years, if not sooner, social media will become a powerful tool that consumers will aggressively use to influence business attitudes and force companies into greater social responsibility - and, I suggest, move us towards a more sustainable practice of capitalism.
We need to develop and disseminate an entirely new paradigm and practice of collaboration that supersedes the traditional silos that have divided governments, philanthropies and private enterprises for decades and replace it with networks of partnerships working together to create a globally prosperous society.