There was a time when we looked up to corporations because we trusted them, and because they provided value to customers and security to employees.

How times have changed! Public trust of government and institutions is at an all-time low, and the public’s perception of corporations has followed suit.

The rot has been setting in for years. Famed economist and Nobel laureate, Milton Friedman, wrote a 1970 essay in the New York Times with the headline, “The Social Responsibility of Business is to Increase its Profits”, and we have doubled down on this advice ever since. In my own work I have encountered many executives who have focused exclusively on the profits, bottom line, share price and next quarter’s results above everything else. A few CEOs have even told me that they are not looking beyond their planned retirement date.

Financially, this has worked very well (for some) but it has been a social and moral disaster for many. So here we are with price gouging, auto-renewal, upselling, bribery, corruption, corporate spying, inflation, (and shrinkflation), greed and various other egregious behaviors that have caused us to view the corporate world with suspicion and distrust.

There has been much talk about the social and ethical role of business – even the prestigious Business Roundtable pronounced in 2019 that the purpose of a business is to create “‘An Economy That Serves All Americans”. But it turns out this was mainly a PR statement more than a call to action.

The state of our world requires that we step up and change what is no longer serving us. (I dedicated an entire book to the eight business practices that destroy trust and morale for employees and customers alike). In days past we might have turned to our faith-based institutions for guidance, but these are in disrepute now too. That leaves the government as a source of vision and redirection, but government has also made a deal with the devil, looking more  Darwinian and Friedman-esque by the day.

So, who then can right this ship we call Earth and address its numerous challenges? It has to be us – business is the most powerful institution on Earth and we are in control of its levers. So, let’s up our game and get serious about running businesses that commit to commercial practices that inspire us all, operate with a higher sense of moral purpose, respect our environment and enhance the lives of people – unions, employees, regulators, customers, vendors – all of us who engage one way or the other with this powerhouse we call “business”—because its power is its potential. We are not just running money-making machines; we are running entities that can make the world healthier, safer, and more fun, while creating a sustainable future.

We can start by ditching “vision, mission and values” statements and other platitudes, replacing them with:

1. A corporate dream that describes our highest aspirations and how we will impact the world.
2. A culture that replaces old school leadership practices and motivational techniques with a commitment to being inspiring in all aspects of our activities.
3. Removing the aggression, zero-sum competitiveness and warrior metaphors that inject a toxic vibe into every action – internally and externally – replacing these with grace, empathy, and compassion, with each of us setting the example; (As Gandhi reminds us, we need to, “Be the change we wish to see in the world”).
4. Adopting and living what I describe as The CASTLE® Principles (Courage, Authenticity, Service, Truthfulness, Love and Effectiveness).
5. Accepting trade-offs between accumulating wealth and serving people and the planet.

If each of us makes this commitment, we will reset the course of humanity and change the world.  Are you up for this challenge?