One thing at least is certain after BP's makeover of the Gulf of Mexico into a sludge pit: corporate self-regulation and public oversight have failed. We need to rethink how companies operate in a fragile world and how governments monitor them.

During the past 15 years a fresh perspective on the behaviour of multinationals has taken hold in multilateral organisations, in the European Commission and, at least rhetorically, in thousands of companies. “Corporate social responsibility” refers to a company's duty beyond the technical requirements of national laws and regulations to comply with global principles of human rights, fair labour, environmental protection and corruption-free management. The United Nations Global Compact, which enshrines and promotes these principles, has garnered the “active” support of many companies worldwide including, for a while, BP but not its Gulf partners, Halliburton and Transocean, or its rival Chevron.

As a result, a new regime of self-regulation guided by voluntary principles has emerged with the blessing of the UN and many governments and trade bodies. But egregious assaults on civilian populations, the environment and workers' rights continue, often with the assistance of corporate funding and contractual relationships that sanction others to ignore Global Compact principles. The pursuit of maximum profit seems destined to prevail.