Imagine a world in which business exists to serve the community, focusing on delivering products and services designed to genuinely improve our lives and our planet, and that the ability to participate in and benefit from business was free and equal to everyone.

I recognize that this statement might come off as somewhat idealistic and a little naïve but that’s only because of how the current state of business and the economy have evolved. In my mind, there’s really no good reason why we can’t redefine the incentives and democratize the current world order to build a system that is more innovative, inclusive and enlightened than the one we have today. 

So, why social business? Without spending too much time on the negative, it must be said that it’s hard to believe the purpose of business would ever be to degrade the environment and destabilize the planet, to exploit and enslave people and to hoard wealth and power at the expense of everyone and everything else. And, yet, this isn’t far off from the current truth. 

The good news is that things are changing. I was reminded of this throughout the course of earning my Executive Masters in Social Business at LSE and when reading Esha Chhabra’s Working to Restore: Harnessing the Power of Regenerative Business to Heal the World, which is filled with examples of social entrepreneurs who understand that business and the economy are vehicles for doing purposeful and productive work in the world. And I’m reminded of it when I come across inspiring stories of organizations both big and small that are innovating new ways to do the right thing. For example, when outdoor gear and clothing company Patagonia couldn’t find an existing option for officially dedicating its purpose to addressing the environmental crisis, it created its own by establishing a purpose trust and distributing all of its dividends to the Holdfast Collective, a nonprofit dedicated to fighting the environmental crisis and defending nature. Or Equal Exchange, a fair trade coffee and more company that re-envisioned a trade model that values each part of the supply chain including farmers and consumers.

But while things are changing, the question remains: Are the changes big enough and are they happening fast enough to create the kind of systems level change we really need? I like to think we aren’t far off from a world that has a better understanding of what business is really for – a world in which a much more inclusive and democratic system of business can exist to serve people and planet instead of the other way around. And you know what? I think we’re going to be amazed by the other positive things that come from this because the truth is everything is connected and so when you imbed positivity – fairness, compassion and intelligent innovation – into a big machine like the global economy the hope is it will produce positive ripple effects of the size and scale we could really use right now.

Interestingly, as we look ahead it’s actually a great mind from our past that seemed to understand this truth better than many of our leaders today. Although most well-known for his work in civil rights, Martin Luther King Jr.’s economic philosophies were concerned with what existing business policies and practices do to people’s souls. He believed that the dignity and sense of “somebody-ness” of the individual would flourish when the economy enabled all people to enjoy the fair value of their basic rights, maintain decision-making power over their own lives and rely on a stable income that would allow them to seek self-improvement. And most profoundly, he understood that when this happened, when the dignity of people and planet were restored because the systemic injustices of the economy were eliminated or reduced, we would see conflicts within and between families, communities and countries diminish as well. 

Peace. Perhaps that’s why social business.

For relevant research and information that supports the case for social business, view my selection of highlighted Resources.