Corporate Global Citzenship: Implications for Economic Development

This is an issue for economic development! Click here to read a thought-provoking article on corporate global citzenship. It talks about companies' increased commitment to helping advance social development, diversity, environmental protection, and a raft of other objectives on a global basis.

I agree with many of these objectives. Corporations should become more socially responsible and they should become better global citizens, but I think there is more to the equation than meets the eye at first glance. I think there are some very important questions that economic developers should be asking themselves about what corporate global citizenship will mean in the future to U.S. local economic development.

What does it mean to economic development when corporations say they are taking more steps to become "better global citizens?"

Does it mean they will be looking beyond their U.S. business operations and interests? Well, they are already doing that!

Does it mean they will start looking beyond national boundaries when they account for their overall financial performance? Well, they already do that!

Does it mean that they will support the economic development of other areas worldwide over their interests in their homeland. I think that is exactly what they might be saying. So, where does this leave economic development in American communities, regions, and states? I think we are in store for some MAJOR changes in the coming year and beyond in this regard.

In my line of thinking, this is exactly why economic developers need to step up their efforts to build national and global economic partnerships--to ensure that local economies in America stay connected with new opportunities thrown off by the global economy. Click here to read a collection of recently published articles on this subject, including one by me.

What do you think?