Where is the balance between business and citizenship?

“We’re going to have to learn to think
in two dimensions: on one plane
as a businessman, labor leader, or
governmental official, each with his
own particular point of view—on the
second as a citizen whose first duty
is not to a special interest but to the
well-being of the whole nation.”
— Thomas Watson, Jr.

Where is this balance in business today? Did we ever have it? If so, when did we lose it? Are our economic troubles the byproduct of Generation Me's now running much of American business? Or could it be increased global competition threatening the American Dynasty? What role does the national impatience spawned by first by cable TV and now by the internet have to play here?

I submit all the above are contributing factors, but would trace the root cause back to the invention of the 401k tax code in 1978. Yes, while the 401k was intended to help citizens take responsibility for their own welfare in their "golden years", a byproduct has been a maniacal focus on stock market performance. It used to be the stock market was only for the rich and entitled, but the inception of the 401k opened up Wall Street to the commoner. A bunch of additional capital floating into the market drove short-sighted decision making and encouraged business to push (and sometimes exceed) the limits of common sense, and decency - not to mention the law.

Should we revoke the 401k IRS tax code of 1978? No, there's no turning back now. So how do we encourage business to make decisions that may not give them the maximum boost to their bottom line and their stock price, but will give them a "good enough" boost while they act as good citizens in support of our great nation? We need them to not only keep people employed but also create new jobs here at home, as well as do good deeds for our communities and community members in need. How do we get that balance between being a good businessperson and a good citizen - an increasingly difficult task in the age of globalization? Which business or industry would be the first to do this? The financial industry certainly has an opportunity right now to step in and do some major damage control to their image. Will they seize this opportunity to build some goodwill with Americans and the world?

Please send me your thoughts.