How do we instill civic virtue in the global marketplace to civilize and tame it so that we arrive at the place where the market serves the people instead of where people are served up to the market? Around half of the world's 100 largest economies are private companies. This gives the private sector considerable power -- and with power comes responsibility. Companies operating in developing countries and zones of conflict often evade responsibility for the consequences of their operations and, by way of an excuse or alibi, point to the fact that they operate legally.

They may argue in favor of "constructive engagement" -- like politicians, taking credit for the positive side effects of their operations while not assuming responsibility for the negative. Yet the increasing pressure on companies from nongovernmental organizations (NGOs) and public opinion makes it impossible for the private sector to ignore the harmful effects of their operations.

The operational phase of the Global Compact (GC) was launched at U.N. Headquarters in New York on July 26, 2000. Through the power of collective action, the GC seeks to advance responsible corporate citizenship so that business can be part of the solution to the challenges of globalization. In this way, the private sector -- in partnership with other social actors -- can help realize the U.N. secretary general's vision: a more sustainable and inclusive global economy.