US foreign policy debates pit hard power, the exertion of military muscle, against soft power and public diplomacy – what Joseph Nye of Harvard calls “the ability to get what you want through attraction, not coercion”. This same tension is evident in the corporate world. But in this e corporate world soft power is winning.

The days of the no-time-to-wait, command-and-control, take-no-prisoners “hero” chief executive are numbered. In today’s complex global economy, not even the mighty Exxon-Mobil with its army of hired-gun lawyers and lobbyists can unilaterally achieve everything it needs to maximise shareholder value – not least the goodwill of a justifiably sceptical public. By contrast, John Browne, BP’s quiet leader, has embraced the company’s responsibilities to address global warming and invest in alternative energy sources “beyond petroleum”. With its broader shareholder perspective, BP is seen as part of the solution. Exxon-Mobil, with a narrower short-term focus on shareholder value is, rightly or wrongly, seen as part of the problem.