Arguments for and Against Corporate Social Responsibility

What is corporate social responsibility? Give arguments for and against social responsibility? Ans. Social Responsibility Social responsibility can be defined as: â€Å"A business’s obligation to follow goals that are good for both organization and society in the long-term, and are not required by law.† Corporate Social Responsibility The term corporate social responsibility came in to common use in the early 1970s. It means the duty of an organization towards society in order to prove itself responsible about its actions and their effects on environment, community and external stakeholders. It means that an organization is responsible for all its action towards the people who are affected by its actions and processes. Therefore,†¦show more content†¦Given are some of the arguments for and against corporate social responsibility: 1- Corporations as Moral Agents Business organizations are an important part of any society and play an important role in determining the economic and social condition of any society. As organizations are considered as one of the major factors affecting economy of a country, they should be responsible of what they are giving to the society. They generate profits by selling their products and services to customers and, therefore, should be responsible for any good or bad effects of their actions and products on consumers. On the other hand, the proponents of this view state that organizations should be responsible only for generating profits. As the owners or investors are also a part of community, the organization performs its duty by maximizing the wealth of their shareholders. The sole purpose of an organization is not to serve society by getting involved in welfare activities. The organization serves the community by making products and rendering services. Therefore, there is no other duty of an organization towards society. 2- Social Responsibility and Economic Performance The advocates of corporate social responsibility state that by getting involved in community services, an organization gets a chance to improve its revenues. The social welfare activities improveShow MoreRelatedArgument For Corporate Social Responsibility1082 Words   |  5 PagesArguing for Corporate Social Responsibility Introduction: The Corporate Social Responsibility (CSR) originated in 19537 with the publication of Bowen’s book Social Responsibilities of Businessmen (Carrol, 1999). Some perceived that at that time, the emphasis is placed on business people’s social conscience, rather than on the company itself. 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