Speakers Series Features Stephen Young

Stephen Young, global executive director of the Caux Roundable and author of the thought-provoking 'Moral Capitalism' joined members and guests of the DC Sustainable Business Network at the Hotel Helix in Washington DC as part of DCSBN's ongoing Better World Through Business Speakers Series on March 2, 2006.

"Capitalism is a relatively new phenomenon," said Young who went on to explain that the notion of working hard for the sake of working hard (often called the protestant work ethic) in America is different around the world. The overlying culture impacts the way capialism is implemented. He offered that 'American capitalism is different than Japanese capitalism, which is different than Chinese capitalism, which is different than Mexican capitalism.' The trick is the change the culture if you want to change the way capitalism is implemented.

Young also encouraged DCSBN to be bold early adopters and that the 'tipping point' really required people of character and innovation. "You cannot change this city - my city (Young was born and spent some of his youth in Washington) unless you change the culture." He cautioned that this is not easy in a city steeped in a culture in which prestige, power and wealth are the cultural hallmarks of success.

As to the question of whether or not there was a business case for socially responsible business, Young pointed out that the trust that is built among co-workers and the basis of the 'wealth of nations' is a good analogy for the interdependence of employers with employees, customers, suppliers and society as a whole.

Interested in finding out more about the work of Steve Young and the Caux Round Table? Send a note to Jed Ipsen at ipse0001@umn.edu to be added to their e-list.

What do we mean by Sustainable Business?

As a network that promotes the concept of sustainability, people often ask us what we mean by sustainable business. While we admit the practice is complicated, the basic concept is fairly straight forward.

Sustainability deals with how best to configure society to keep it productive over the long term. It is therefore a systemic concept, relating to the economic, social and environmental aspects of society. A business model informed by corporate responsibility principles takes its cue from the sustainability movement – namely, that companies should focus on triple bottom line performance: on the impacts to people, planet and profit. Quite simply, corporate responsibility (CR) is the practice of sustainability by business.

Today’s cutting-edge companies understand that balancing the needs of stakeholders with the drive for profit, and positively impacting the communities where they live and work, is essential to building a successful and sustainable business. Further, by integrating CR principles into their business model, companies can manage their operations to ensure their own continued success by minimizing costs, attracting and retaining top-notch staff, minimizing risk and liability, and successfully competing for the future by developing tomorrow’s more sustainable products and services.

As The World Business Council for Sustainable Development (WBCSD) -- a coalition of 180 international companies united by a shared commitment to sustainable development -- states :"As an engine for social progress, Corporate Social Responsibility (CSR) helps companies live up to their responsibilities as global citizens and local neighbors in a fast-changing world."

At DCSBN we maintain that it is time for business, the most powerful institution on the planet, to fully embrace the challenges and opportunities presented by sustainability and CR – for their benefit and for the benefit of the National Capital region.