One of the greatest challenges companies face in adjusting to the impact of social media, is knowing where to start.

In the coming years, if not sooner, social media will become a powerful tool that consumers will aggressively use to influence business attitudes and force companies into greater social responsibility - and, I suggest, move us towards a more sustainable practice of capitalism.

The theory of social contracts extends as far back as Plato. However, it was the great 18th century social philosophers John Locke, Thomas Hobbes, and Jean-Jacques Rousseau who brought the concept of a social contract between citizens and governments sharply into political thinking, paving the way for popular democracy and constitutional republicanism.

Consumers now have a voice. And the fact that consumers can be creators, producers and distributors means they can push back against brands to punish them for their socially irresponsible behavior or reward them for their responsible behavior.

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

If capitalism is to remain a healthy, vibrant economic system, corporations must participate in taking care of the society and the environment in which they live.

Some critics have challenged what the return on investment is for engagement in social media. Others have complained that the metrics don't exist to demonstrate value.