A social contract is the way out of this dilemma for corporations that want to lead in the 21st century by showing consumers how seriously they take customer loyalty and goodwill.

More and more companies are reaching out to their suppliers and contractors to work jointly on issues of sustainability, environmental responsibility, ethics, and compliance.

There is a fundamental shift that social media necessitates in business today - the need to transition from 'Me First' to 'We First' thinking.

The most potentially transformative impact of social media is its ability to encourage brands to marry profit and purpose. The reason brands participate is that such outreach earns those companies social currency enabling them to start or participate in conversations that connect them to consumers in meaningful ways.

Ultimately, it's possible that social media platforms will be designed as templates that the users themselves customize in terms of the best way to express their community and experience of life, and brands will have to simply follow suit.

The creative destruction that social media is currently unleashing will change more than technology or the leader board of the Fortune 100. It is driving a qualitative shift in the nature of relationships between brands and their customers.

Corporations often partner with government after natural disasters, as many companies did in the aftermath of Hurricane Katrina in 2005. As a rule, however, long-term civic/corporate partnerships are still rare .But this need not remain the status quo, as many opportunities are available for such partnerships.