This paper is focused on the emergence and expansion of ‘corporate social responsability’ in nowadays Brazil and it suggests that, in certain cases, this type of involvement may be a an answer to the difficulties entrepreneurs have been having to play an important role in the shaping of new democracies and in the construction of an open, deregulated economy. It deals with a peculiar autonomous movement of small and medium entrepreneurs from São Paulo has actively articulated interests, voiced some concerns, staged demonstrations in the political arena, devoted itself to solve emblematic social problems through a variety of initiatives, by and large with significant impact, the National Thought of Entrepreneurial Bases (Pensamento Nacional das Bases Empresariais, or PNBE), that not only was born within the corporatist system, but also gained a paramount political importance during the early stages of Brazil’s transition (1987-1992). Given its rots, PNBE structured itself along a democratic platform, assuming it on procedural and substantive basis, both for its external actions and internal organization. Based on those democratic principles and structure, that were the backbone of its specific organizational niche, PNBE oriented itself toward attaining not only substantive democratic results through the defense of redistributive policies, but also toward reinforcing the democratic procedures, through the defense of the importance of open negotiations with all the relevant social actors. As a result, PNBE members became aware of the substantive side of democracy, in fact of Brazil’s visible ‘democratic deficit’, and they began to engage themselves into a series of varied and innovative initiatives aimed at overcoming some ‘emblematic’ social problems, seen as obstacles for a full blossom of democracy into the country. They ended up opening themselves to a tradition of what came to be know of corporate social responsability that they extended to important initiatives outside the organization borders, targeting either needy groups (children, homeless) or specific aspects of the public administration aiming at making them more efficient and accountable. This study on PNBE, therefore, may shed light - and a different, perhpas more promising one - in the dilemmas faced by business sectors to get an adequate political insertion in the favorable environment of the new democracies with open economies - after decades of state-centered policies and politics, when traditional channels had faded away as in Brazil - by suggesting that ‘corporate social responsability’ may have become a form of or part of business political presence, yet not understood as such and with a clear deomocratizing impact. [ABSTRACT FROM AUTHOR]