New Delhi: The launch of The Business of Business Is (Not) Just Business, a collection of essays, on 22 July was marked by a compelling conversation on gender, power, and organisational culture. Edited by economist Sutapa Banerjee and published by HarperCollins India, the anthology argues that businesses can—and should—actively shape societal norms rather than merely reflect them.
It was Nobel Prize-winning economist Milton Friedman who had popularised the theory of monetarism or that “business of business is business.” It suggests that a company’s sole social and moral responsibility is to legally and ethically maximise profits for its owners and shareholders. The articles in the anthology challenge this doctrine.
“I don’t think the theory holds true anymore. That is where the name of the book comes from too,” Banerjee noted.
The launch followed a discussion moderated by veteran journalist and ThePrint Editor-in-Chief Shekhar Gupta, with economists Preeti Reddy, R. Mukundan and Banerjee on the panel. The discussion explored how what we observe daily shapes what feels “normal” and possible.
“There’s a pocket which you believe needs to be clean. It’s kept clean,” said Banerjee, illustrating her point using the Kolkata metro. She said that the same people who litter on the streets maintain cleanliness inside the metro. Organisations, she argued, can function as similar “islands” that give a platform for transforming behaviour. They can help counter regressive societal norms through deliberate design.
Diversity, Dissent, and Decision-Making
Banerjee insisted that diversity is essential for better outcomes but hierarchy often undermines it. A leaders’ body language often signals the preferred answer, and genuine dissent becomes rare and difficult for employees.
“What I see in the world is what the world is for me… What is my world very soon becomes what should be. So the descriptive becomes prescriptive,” she said, quoting Daniel Kahneman’s WYSIATI (What You See Is All There Is).
She explained that observation turns descriptive reality into prescriptive norms, and this dynamic perpetuates stereotypes. “The role of a nurse is expected to be played by women because they are considered nurturers, while CEOs and fighter pilots are often men because they are perceived as decisive,” said Banerjee.
Policy, Visibility, and Role Models
The panel highlighted policy and visibility as powerful levers for change. Banerjee advocated for gender-neutral “parents’ leave” instead of maternity leave alone, to prevent reinforcing the stereotype that women are default caregivers.
“The herding instinct comes in… you can change behaviour before you change belief, which is how you hasten social change,” said Banerjee.
Reddy acknowledged her own privilege, as she highlighted the role of representation in normalising change. “One of my colleagues told me that when she comes to office and sees me, she knows that it can be done — that you can be married and have a child and have a career,” she recalled.
She also endorsed mandates such as women’s reservations in panchayats, adding that visibility itself accelerates normalisation, even when initial participation appears tokenistic.
Gupta pointed to noticeable shifts in the media industry, where women are increasingly taking up leadership roles. He pointed to examples from his own newsroom. “Women are moving up in the industry. Even in my newsroom, many of our bureau chiefs are women,” he observed.
Mukundan, however, stressed that organisational culture is shaped more by observed actions than by formal policies or speeches. He noted the importance of leading by example.
“The fundamental fact is leadership is not about giving speeches. Your team watches you and follows,” he said.
He shared practical initiatives taken up by several corporates, including temporary hiring rules to achieve gender balance, fully gender-neutral leaves and flexibility policies, in addition to improvements in basic infrastructure such as adequate women’s restrooms.
Mukundan also shared anecdotes from the grassroots: a young woman bus driver whose choice of occupation changed the discourse in her village, and a worker who educated thousands of girl children using old computers.
In her concluding remarks, Banerjee outlined a comprehensive toolkit for driving change, which included everything from education to policy, and from incentives to behavioral nudges.
The discussion reiterated the book’s message that businesses have both the capability and responsibility to bring about tangible and behavioural change. By combining role models, gender-neutral policies, illustrative leadership, and behavioral insights, organisations can accelerate social change while building stronger, more effective teams.
(Edited by Aakriti Handa)