Jagdish Bhagwati on Creative Capitalism
By Arnold Kling
The professor who taught my international trade course back in graduate school writes,
what CSR (corporate social responsibility) does is to extend the traditional practice of the Burghers-Jains-Calvinists — where families that made the moneys spent them directly on social projects — to the corporations where families do not usually run the show. CSR is the modern counterpart of the wonderful family-owned businesses.
The gist of the post is: charitable, low-key, frugal capitalists good; lavish, ostentatious capitalists bad.