World review: October-December 2008: a synopsis of the key strategic developments in corporate responsibility around the globe over the last quarter

Abstract

As 2008 drew to a close, some of the long-term implications of the financial crisis were beginning to be seen. The shift of economic power from the West to 'the rest', which had been chronicled or predicted for some time, appeared now to be inevitable, as Western governments took on huge debts to bail out their struggling banks and companies, and stimulate their economies with public spending. This has implications for the future terrain of corporate social responsibility (CSR) issues, concepts and practice. In this review of the final quarter of 2008, we examine some of dimensions to the underlying shifts in economic power and their implications for corporate citizenship. These shifts include the growing importance of Islamic finance and of state-owned funds as investors and owners of companies worldwide, and the increasing initiatives on corporate responsibility across Asia