Daniel Yankelovich is a social scientist who has also served on several corporate boards. That gives him a unique perspective on the ethical challenges that face board members and it's one of the things that makes Profit with Honor worth reading.

Yankelovich, to use his term, is a "privileged witness," who sees business from the outside, but has seen its inner workings up close. Even more important in some ways is the fact that he and his company have been among the firms tracking changes in society over several decades.

Here is why he wrote this book: "The purpose of this short book is to suggest that the business community can turn the scandals of recent years to good use, both for business itself and for the larger society."

Yankelovich sees three causes for these scandals. They are: 1) deregulation; 2) linking the biggest part of CEO compensation to stock price; and, 3) the importing of wider social norms into business, resulting in what he calls "unenlightened self-interest."

In the first half of the book he outlines changes in social norms in both business in society over several decades. Business, according to Yankelovich is more likely establish the norms he desires than society as a whole. And, he thinks, if business does so it will "help dispel moral confusion in the culture at large."

He says: "My main argument in the book is that the time has come for market capitalism in the United States to advance to a new stage of enlightened self-interest."

To do that he advocates something he calls "Stewardship Ethics," which he defines as "commitment to care for one's institution and those it serves in a manner that responds to a higher level of expectations." He devotes the second half of the book to describing what a set of norms based on "stewardship ethics" might look like and how they might come about.

In one of the most helpful sections of the book, Yankelovich spends time outlining the difference between his Stewardship Ethics and the bundle of beliefs and positions that come under the heading of "Corporate Social Responsibility."

If you're like me, you'll find Yankelovich's position a refreshing change from the "profit is evil" approach of most CSR types. If you are someone who sees the pursuit of profit by companies as, at best, a necessary evil, you will be very uncomfortable with this book and its ideas.

This book has two key strengths. First, Yankelovich himself is both knowledgeable and logical. Second, the book is short, only around 170 pages of text. Those are also the book's weaknesses.

Because Yankelovich himself is knowledgeable, he often leaves terms undefined. I could not find a definition, for example, of one of his key terms, "market capitalism." It may be that everyone indeed defines that term the same way, but I doubt it.

The shortness of the book means that some arguments are made without adequate support. For example, on page 96, Yankelovich says, "How well a company conceives and executes stewardship ethics as a community has a direct bearing on its long term profitability." He then offers the example of Wegman's as proof. Alas, a single example without supporting evidence is not proof.

This brings us to the key question: "Should you buy and read this book?"

If you are a senior executive, a member of a corporate board, or a faculty member at a business school, this should be on your "must-read" list. Yankelovich has crammed a lot of good stuff and cogent analysis in here about the business climate and corporate responses.

This book is also a good read if you're interested in the ethical challenges of contemporary business, but you don't make it your primary focus. If you're a professional ethicist or philosopher, you'll find the book a little light on both reasoning and support, but that's exactly why it's a good read for the rest of us. The book is filled with provocative ideas and well written.

But if you're looking for a "how to" book, this would be a poor choice. It's a great book for stimulating thought and discussion, but the "how to" will be up to you.

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