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The purpose of this paper is to evaluate and situate globalization within the context of different theoretical perspectives, with a view to developing a theoretical framework for understanding and interpreting this phenomenon.

In the light of historical and empirical evidence, this paper uses the idea of parallax to explore, synthesize and interpret globalization. Evidence is marshalled in order to enable comparative assessments on the merits of the globalized system to take place.

A materialist approach is identified as appropriate for aiding and deepening our understanding of the processes at work. It best captures the complexities and contradictions in the global economy.

This paper develops a critique that locates globalization within the process of accumulation and teases out its attendant crises and efforts to restore profitability. The materialist approach developed here may be successfully applied in a holistic manner.

With globalisation pressures and increasing burdens on governments to provide comprehensive social services, there is now a need to better understand how firms play their part in sharing these burdens. Views vary from those who believe that CSR and CSI are distractions from profit maximisation to those who argue that participation in such activities contributes to positive social transformation and also benefits participating firms themselves. This paper seeks to conceptualise these debates.

The paper largely utilises a literature review to derive the research conclusions. Specifically, it examines how CSR, CSI and the socially responsible investment (SRI) index has been used to evaluate corporate behaviour in South Africa, as a novel way of addressing pressing development problems.

CSI has emerged from the specificities of South African historical development, and it has arguably been driven primarily by legislation and industry charters. It is in this context that CSI, with its paraphernalia of the SRI Index and social capital market, promises to present a new and radical way of addressing developmental problems.

This paper is one of the few studies examining the phenomenon of corporate social investment from a developing economy context.

Outlines the background and aims of the Millennium Development Goals. Presents a brief introduction to the articles in this special issue.