Two recent articles—one in the Financial Times and another in the Economist—refer to corporate responsibility as “hot air” and “unsustainability” respectively. The FT article even quotes sustainability consultant Michael Littlefield as saying that some business people consider corporate social responsibility (CSR) as a case of “BDF”—babies, dolphins, and forests.

These naysayers are raising old arguments and reiterating tired misconceptions. For the many business people who are serious about CSR, their efforts involve much more than token philanthropy, greenwashed ads with fields full of daisies, or the difference in price between a “fair trade” T-shirt and a “sweatshop” T-shirt.

Corporate responsibility is about good governance and accountability, ensuring that your business model doesn’t wreak havoc on other people’s lives or natural resources. And for the really smart companies, it’s about creating real economic value for shareholders by ensuring long-term access to the market, maintaining consumer trust, developing effective and efficient relationships in your supply chain, and figuring out how to reduce the use of non-renewable resources and increase the use of renewables.

Recently, we have seen a serious erosion of public trust (PDF) in the private sector precisely because prominent corporations acted irresponsibly. The reality of 2009 is that we’re in an economic reset. The smart companies around the world realize that the time is now to innovate, redevelop trust with consumers and the public, develop clearer relationships with governments, and, yes—create business models that both help transform our world for the better and make money doing so. CSR is not just good for the BDFs, it’s GBL—good for the bottom line.

I am not alone in my views. In fact, according to a recent survey BSR conducted with Cone, 77 percent of business leaders are optimistic that despite the economic downturn, global business will embrace responsible business practices as part of their core strategies and operations over the next five years.

Messages from Davos underscore the growing importance of value-creating CSR. BSR’s President and CEO Aron Cramer recently returned from Davos, where he reported that, “it is undeniable that sustainability, transparency, and values were more firmly a part of the debate than in any of the prior four years. There is no illusion that business as usual will do—or will be accepted.”