Giving Compass' Take:

• In this CNBC post, Just Capital co-founder Paul Tudor Jones talks about how private industry needs to be a leader in social progress, with $19 trillion at its disposal.

• In what ways do Jones' thoughts correlate with Corporate Social Responsibility and venture philanthropy? How can private companies restore a power balance in society?

• Here's more about the promise of private sector grants in an impact investing world.

Private companies have a responsibility to promote social change, billionaire hedge fund manager Paul Tudor Jones told CNBC on Friday.

"If we're going to have true social change, it's going to come through the private sector," he told "Mad Money" host Jim Cramer in an exclusive interview. "And, boy, now's the time we need it."

Jones, who founded the Robin Hood Foundation and is now the chairman of the nonprofit research organization Just Capital, said he couldn't recall a more turbulent time when it comes to social issues.

"I don't think I've seen this kind of social tumult since I was a kid in the '60s and '70s," Jones said. "So we need to change things. How are you going to get social change? The biggest way is there's a $19 trillion private economy."

Four times the size of the public sector and 40 times the size of the philanthropic sector, the private sector should bear a greater burden to tackle wealth disparity and other "social fissures and ruptures," the billionaire said.

Read the full article about why the private sector should lead social change by Elizabeth Gurdus at cnbc.com.