For business executives, the idea that corporations should concern themselves with social issues like poverty was until recently a touchy subject. Not long ago, talk of social issues in a business context came only from recovering hippies set off by fruit company-sponsored coups in Latin America, dictator-propping oil multinationals in Africa and sweatshop-sourced clothing from Asia. Activists demanded that firms answer for the repercussions of their operations, just as those same voices had demanded change from governments.

Of course, pursuing social responsibility (an ambiguous goal in any case) costs businesses money. Under the presumed rules of corporate social responsibility (CSR), a business must devote labor and capital not only to maximizing profit but to environmental impact and the well-being of people and communities, even those only distantly connected to operations.

But recently both business strategists like McKinsey and Co. and NGOs in the social space have begun calling that view into question. Issues like poverty are not just expensive distractions, not merely damage control. The Center for Global Development just released a guide to help companies, "Joining the Fight Against Global Poverty: A Menu for Corporate Engagement." This is a new approach in which companies proactively define and pursue “social contracts” (McKinsey's term) on issues that touch core business interests. This is worth doing because the business world is becoming more porous -- social issues are at play throughout corporations, industries and sectors -- and business leaders will find more success proactively integrating these issues into their strategic decision-making process rather than responding defensively as risks dictate.

CGD lays out six approaches that companies can take, including standards compliance, charitable giving, resource engagement, commercial leverage, development entrepreneurship, and policy advocacy. It is times like these when CGD is at its best: codifying the concept of CSR, where the lines between corporate posturing and genuinely useful contributions can get murky.

CGD is not the only one trying to make sense of the blurry lines between business and charity in the developing world. This week AEI put out a handy primer on "Entrepreneurial Philanthropy in the Developing World." The piece gives an overview of the thinking behind entrepreneurial approaches to philanthropy and digs a bit into the respective business models of key players like the Acumen Fund, Endeavor, Technoserve, etc. Authors Mauro De Lorenzo and Apoorva Shah also examine which foundations are doing what in this area.

These models are still in the early stages -- the AEI piece is largely trying to define what constitutes "entrepreneurial philanthropy." The next step will be for the CGDs of the world to help us measure it.