Corporate Social Responsibility Procurement

In the plans for the March on Washington for Jobs and Freedom in 1963, Bayard Rustin wrote of “the twin evils of racism and economic deprivation.” This remains true today as Federal Reserve Bank of Atlanta President Raphael Bostic argued recently that “Systemic racism is a yoke that drags on the American economy.” Reducing racism is a public good from which we can all benefit on the bottom line. There is a meaningful role for private actors to play in delivering this public good: procurement.

In the panic of this moment, diversity policy changed from a feel-good conversation about good intentions to a reactive scramble to be seen to be doing something. Large corporations roll out money for projects related to education, justice, and increased opportunities, or they deposit cash with financial institutions serving primarily Black communities. Shocked into recognizing the homogeneity of their workforces, leaders express a newfound interest in outcomes.