We are interested in the ways that corporations understand and practice CSR and business ethics. We study the societal impacts of firms’ responsibility policies and their ethical and political underpinnings. While the contemporary responsibilization of businesses has reported some beneficial results, the recent critique shows that CSR has not lived up to expectations. In our research, we ask when CSR succeeds and when it fails to deliver a better society and protection of natural environment. What kind of business ethics is needed in a just society and what are the major roles of public and civil society actors in a sustainable society? These issues are urgent in our globalized world where the public and civil governance of businesses is often underdeveloped and firms are located in different national regulatory systems and in economies of differing degrees of development. At the heart of our approach is the question over the proper extent of private involvement in the governance of businesses. Our research explores the differing political roles firms may take and the various management approaches they can adopt for addressing the ethical tensions and conflicts while operating in globalized economy.