Social responsibility can be defined as:
“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, corporate social responsibility can be defined as: “Operating a business in a manner that meets or exceeds the ethical, legal, commercial and public expectations that society has of business.” The Socioeconomic View
The Socioeconomic view stated that it is the responsibility of managers and all organization s to take care of public interests as well as their profits. Each organization should be responsible for all its actions which may harm or benefit community and should take actions to stop any malpractices in its operations, finance, marketing and human resource departments. Business organizations should not only act for their own profit but also for the welfare of community. They should take an active part in happenings in the society and should perform such actions which can improve the political, economical, social and environmental conditions of the society. In short, corporate social responsibility makes an organization to play its role in the improvement and welfare of society. Arguments For and Against Corporate Social Responsibility
According to Classical view of social responsibility of an organization, the management and managers of an organization are responsible for maximizing organizational profits only. It is...