The Business of Changing the World

The late economist Milton Friedman famously said, "The business of business is business."

Milton Friedman was wrong.

More than ever, the business of business is not only business -- it's also about changing the world. Around the globe, companies large and small are leveraging their internal resources (money, employees and products) and making tremendous contributions to the lives of others. In turn, they enhance employee performance, boost morale, reduce turnover and heighten their brand recognition.

Among many great examples: Hasbro(HAS - Cramer's Take - Stockpickr) has donated more than one million toys to needy children, Safeway(SWY - Cramer's Take - Stockpickr) donates $100 million in food to local and regional food banks annually and GlaxoSmithKline(GSK - Cramer's Take - Stockpickr) has committed a contribution worth $1 billion to help eradicate a disfiguring tropical disease called elephantiasis.

While the business philanthropy landscape has been evolving, little has been written about the companies that have smartly and successfully pursued both profits and positive social change. In The Business of Changing the World, 20 great leaders reveal exactly how they did this -- and they share how other companies can, too.

I wrote my first book, Compassionate Capitalism, the first best practices guide to corporate philanthropy, in 2003. In researching that book I found that the success of such programs comes down to leadership. The Business of Changing the World is a book about strategic corporate philanthropy, but it is also about the visionary leaders who applied innovation to the traditional philanthropic model to create broad social change.