Corporate social responsibility (CSR, also called corporate responsibility, corporate citizenship, and responsible business) is a concept whereby organizations consider the interests of society by taking responsibility for the impact of their activities on customers, suppliers, employees, shareholders, communities and other stakeholders, as well as the environment The Corporate social responsibility definition is one of the most popular assignments among students' documents. If you are stuck with writing or missing ideas, scroll down and find inspiration in the best samples. Corporate social responsibility definition is quite a rare and popular topic for writing an essay, but it certainly is in our database Social Responsibility In the struggle between ethical and unethical behaviors is the idea of social responsibility. Archie Carroll offers the idea that companies have four responsibilities economic, legal, ethical, and discretionary. Economic and legal responsibilities are
Social Responsibility Essay | Bartleby
Milton Friedman was one of the prized economists in the current generation, and although he left the world lastthat cannot really change his work and his legacy. Friedman argued that the social responsibility of businesses is to increase its profits. The same can of course be said of himself—that he supported capitalism more than he did socialism during his time. By saying that the social responsibility of businesses is to increase its profits, Friedman was basically attempting to provide a global template that politicians, policymakers, and people working for the government around the world could follow.
One of the dilemmas that people working for the government face is finding a coherent and emphatic solution to the ever unsolvable problem that is governance. In order to govern effectively, one must know the fullest extent of their responsibilities and accountabilities to the people, or in the case of governments, the societies that they serve. Friedman was basically offering a one size fits all type of solution to the unique problem that people working in the government has—by saying that the only social responsibility of businesses is to increase their profits, essays social responsibility.
This would indeed be an attractive proposition because many people working in public service have been left dumbfounded by this exact problem. Discovering that someone could come up with a solution quite easily i.
Milton Friedman would indeed be surprising. Friedman was all after solving the puzzle that would lead to the integration of three concepts that for him was important for a well and fully functioning society.
Those three concepts were freedom, democracy, and essays social responsibility. Friedman argued that businesses play an important role in the process of upholding freedom, democracy, and capitalism, which is why they have occupied a large portion of many of his pieces.
There is one provision to the profit motive clause that Friedman indeed phrased. There is no shortage of supply of stories coming from both the mainstream and alternative media of unscrupulous businesses getting away with their illegal activities, all for the sake of profits. It was also surprising to discover that a significant number of businesses that belong to the Fortune Companies that everyone has admired and respected are involved in some kind of illegal and or unethical activity, one way or the other, and that the government is letting get away with said activities.
Friedman was after defining a clear boundary in terms of economic freedom for businesses. For the record, Friedman also discussed how he thought the boundaries in terms of economic freedom for other agents of the economy such as the government and the consumers should look like. Friedman, being the economist that he was, had the goal of creating a perfect balance between the interests, freedom, and responsibilities of the different economic agents, because he argued that that was the only way for a well and fully functioning system, not necessarily a capitalist and democratic one, can be created and maintained.
For Friedman, giving every agent of the economy a specific formula or template to follow, was instrumental to essays social responsibility creation of a utopian capitalist democratic system. The essays social responsibility way to accomplish that, essays social responsibility, especially the part where it says it has to be unbiased, is to present both the essays social responsibility and negative aspects of his perspective.
It is important to note that the complete version of the profit motive of businesses is what is going to be used in the critical analysis, essays social responsibility. The second half of what Friedman said about the social responsibility essays social responsibility businesses is basically field with caveats and qualifiers.
The truth is that governments and from a broader perspective, the society, need businesses that can operate in the highest possible levels essays social responsibility efficiency.
Many agencies and organizations that are funded by the government are already suffering from a lot of inefficiencies as they are. In many cases, it is the businesses in the private sector that are being looked upon to subsidize the losses brought about by the inefficiencies of the government. There is good reason to believe that society would crumble, as it would most not be able to essays social responsibility, a scenario where both the government, essays social responsibility, and the businesses in the private sector, are suffering from insufficiencies.
In a typical scenario, it is the businesses in the private sector who bear the responsibility of making up for the losses of the government or any other agency or organization it controls. a country. It is a widely known fact that any programs that are meant to solve a social problem or any nonprofit-related concern is going to be expensive, essays social responsibility, and that not all businesses would be able to afford the hefty cost of participating in humanitarian and social responsibility programs that many liberals and socialist-leaning policymakers are trying to essays social responsibility forward.
This alternative—where even private for-profit businesses are being required to dabble in the affairs of nonprofit corporations, does not look good, nor does it look like it essays social responsibility going to work.
Friedman suggested that for-profit entities, i. businesses, should be left to their own devices, when it comes to making profit, and that the same should be true for nonprofit entities. With businesses having the ability and the freedom to focus solely on profits plus the caveats and qualifiers that Friedman provided in the second half of his statement about the social responsibility of businessand with nonprofit entities being able to focus on their respective advocacy programs, each group gets a role to play in this complex world that we live in, essays social responsibility.
This has so far been the model that has proven to be effective in creating a well and fully functioning social system. First, it basically opens the gate for greed and other unwanted virtues to prevail. A greedy business that wants to maximize profits, either for itself or essays social responsibility its shareholders, may end up being essays social responsibility to partake in illegal activities, especially the ones that have long been associated with great profits, such as illegal drug dealing, essays social responsibility, human essays social responsibility, and money laundering, among others.
It would be safe essays social responsibility suggest that the default setting of most, if not all, businesses, even in those crucial scenarios, is to let their desire for profits supersede the needs of the people. Third, a system or society that is built essays social responsibility the idea that businesses should only be concerned about profits would most likely lack the qualities and characteristics that make humans, humans; examples of such characteristics would include empathy, compassion, trust, essays social responsibility, and selflessness, among others.
Enron started out as a noble, essays social responsibility, fast-growing corporation. During the latter part of its growth stages in its relatively short lifespanits appetite for profits increased.
Evidently, this approach did not work, essays social responsibility, because Enron eventually got caught, and it later on declared bankruptcy. This shows one of the greatest weaknesses of businesses, especially when they are given so much economic freedom to do what they want. Enron happened at a time when the regulation against auditing and the reporting of corporate financial statements were lax.
Clearly, giving for-profit entities too much freedom to well, generate profits, did not end well. Another business example would be the subprime mortgage and housing crisis that happened in the United States sometime between and This was a period when a large percentage of the banking and financial institution in the United States were handing out real estate mortgage loans to practically everyone who was asking for it, essays social responsibility, even the ones that the banking officers knew could not afford to cover the monthly mortgage payments.
The bankers were clearly motivated by profit at that time. They knew that the more loans they get approved for their clients, the bigger their commissions were going to be, and that was true in most cases, as evidenced by the fact that many executives and high ranking officers of the biggest banks in the United States received hefty bonuses during the aforementioned period, despite the fact that a lot of people were losing their homes.
Banking and financial institutions also participated in a large scale sales of junk-status investment products that were presented to the customers as Triple A status investment products. In the end, we all know it did not end well. Many banks and financial institutions eventually filed for bankruptcy.
Examples of actual businesses who got involved in this scheme are Lehman Brothers, Citigroup, JP Morgan and Chase Corporation, and Wells Fargo, among others. The bottom line is that businesses should not be left to their own devices; they should not be given total freedom to generate profits, especially when it comes to sensitive industries and markets such as food, drugs, and healthcare. Friedman, Milton. Apr UK Toll Free: US Open Menu Close Menu. Home About Us Guarantees Order Our Process Prices Why Us Extras Blog Writing Guides Essay Examples.
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The Corporate social responsibility definition is one of the most popular assignments among students' documents. If you are stuck with writing or missing ideas, scroll down and find inspiration in the best samples. Corporate social responsibility definition is quite a rare and popular topic for writing an essay, but it certainly is in our database Individual Social Responsibility is a moral belief where we as individuals, have a responsibility toward society. Being “socially responsible” is about all individuals behaving ethically and sensitively towards social, economic, and environmental issues. It is about being accountable for In verbatim, Friedman stated that “there is one and only one social responsibility of business—to use its resources to engage in activities designed to increase its profits, so long as it stays within the rules of the game which is to say, engages in open and free competition, without deception and fraud” (Friedman 1).Estimated Reading Time: 11 mins
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