The attraction of long-term investment is a necessary condition to allow an organization to develop strategies development and sustainability, difference instead of speculative financial movements, which is to move continuously and tirelessly funds, for example, institutional investors, pension funds or banks, on the one title to another, chasing the profitability of the bags and oscillinte his titles, so to ensure the maximization of shareholders value of investments. This has laid the groundwork for the establishment of an economic-financial system of the short term, ie that orientation of the company management to make decisions with a time horizon of several months, which was, inter alia, a of the reasons why the advent of the irresponsible [1] .
is in this context, recently, that sees the 'emergence of SRI-Socially Responsible Investment - as an alternative to unbridled capitalism and the short term, offering that is the combination of non-economic criteria with flights to the purchase of financial securities and channeling funds to productive projects.
However, ISR is not a new practice: towards the end of the year '60 and the beginning of '70, during the war in Vietman and the arms race, groups of social activists in the United States understood that a solution effective in bringing the company to account on issues of social and environmental would go directly through the investment in it.
In the '80s, the social investment in the United States and the United Kingdom saw significant progress, also helped by the protests against apartheid in South Africa, but it was in the '90s, the CSR began to spread rapidly, and currently there are many socially responsible initiatives which offer an alternative investment to a growing segment of society sensitive these issues.
According to the neoliberal view of Milton Friedman, the company has only one responsibility: to use productive resources to maximize the economic benefit and thus fulfill the expectations of shareholders. What happens, however, when the same shareholders to take up the maximization of social and environmental benefit?
In general, an investment fund manager will try to ethical or socially responsible investing in companies whose principles are consistent with those of CSR, to influence policy and CSR strategies of companies that finances to develop sectors with a positive social and environmental impact (such as renewable energy sources and trade fair), to permit the financing of micro-enterprises with difficulties in accessing credit but with high social benefit.
Other examples of alternative economy and ethical finance banks are represented by the ethical and Fair Trade [2] .
[1] Luciano Gallino "The firm irresponsible", Einaudi.
[2] For a discussion on the subject: www.bancaetica.com, www.altromercato.it, www.commercioequo.org / cees.htm
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