The historical role of business during times of war is a complex one, shaped by the scope, scale, nature, location, and duration of the conflict.

We typically think of companies enlisted in wartime production in service of their home nation – sometimes willingly, sometimes over the companies’ objection, as was famously the case with the US steel industry in the Korean War. A military conflict can affect every aspect of the economy and society: taxation, trade, inflation, innovation, the workforce, and the long-term relationship between government and the private sector.

It is unclear what the ultimate impact of the Russian invasion of Ukraine will be on the role of business in society, but this conflict is taking place at a moment unlike others. The world is more interconnected than ever. Companies are viewed not just as economic engines but as societal stewards. They are concerned with an ever-broadening array of social and environmental issues. They ar