Milton Friedman once famously said, “The business of Business is Business”. If the great man have

The scale and nature of the benefits of CSR for an organization can vary depending on the nature of the enterprise, and are difficult to quantify, though there is a large body of literature exhorting business to

Businesses, specifically larger corporations, play a major role in what occurs in society therefore, they are responsible to their stakeholders not only to pursue economic goals but the greater social good as well. Corporate social responsibility (CSR) means that a corporation should act in a way that enhances society and its inhabitants and be held accountable for any of its actions that affect people, their communities, and their environment. (Lawrence, 2010). Social responsibility is becoming the norm so much so that some businesses have incorporated it into their business model. There are three components of the bottom line of social

In the article, “The Social Responsibility of Business Is to Increase Profits,” Friedman states that “businessmen believe that they are defending free enterprise when they proclaim that business is not concerned merely with profit but also with promoting desirable social ends.” This social responsibility is defined as Corporate Social Responsibility (CSR), which is the belief that “corporations owe a greater duty to their communities and stakeholders” by having a “social conscience.” This, among other things, includes being environmentally responsible, contributing to non-profit organizations, and eliminating discrimination.

Corporate Social Responsibility (CSR) is something that affects all companies and should be an active factor in the company’s decision making. It is something all corporations need to care about. CSR is when business’ or corporations take part in an initiative or campaign for a cause that will benefit society and/or in some way make the world a better place (Taylor, 2015). Initially, Corporate Social Responsibility started to take shape around the 1950’s, but some say that it dates all the way back to the 1800s, the idea of CSR was seen (Carroll, 2007). One may think that because it is dated so long ago, it doesn’t have an important impact today nevertheless, it is proven that Corporate Social Responsibility is a pathway for entities to self benefit as they are in the process of benefitting society.

In this article, “The Truth About CSR,” authors Rangan, Chase and Karim stress the importance in aligning a company’s social and environmental activities with its business purpose and values (Rangan, Chase, & Karim, 2015, 41). Outcomes of CSR programs should be a “spillover” and not a primary focus of a business, expressing concern towards social responsibility and corporations failing to contribute to society accordingly (Rangan, Chase, Karim, 2015, 42). There is a great deal of importance in companies refocusing their CSR activities on a primary goal and in providing an organized process for bringing consistency and discipline to CSR strategies (42). Rangan, Chase and Karim want corporations to understand why it is important for them to evaluate their CSR activities and refocus them towards the goal of reinforcing the firm’s societal and environmental actions, while also ensuring their actions add to the overall purpose and values of the corporation. According to the authors, even though

As argued by economist Milton Friedman, business's social responsibility is only to increase its profit with the use of its resources in a free market competition. Friedman also believes that companies have no obligation to exercise social responsibility to society (Friedman, 1970). However, studies have shown that when CSR is implemented it benefits the company financially, enhances reputation and attract

Corporate Social Responsibility (C.S.R.) is a theory practiced in the business sphere since fifty years. It refers to the duty of business organizations to adopt certain activities that will benefit the society in some way. Charity, health-awareness campaigns are few examples that a business undertakes to fulfil its objectives of C.S.R. According to this ideal, it is important for various corporations today to undertake such social activities, apart from merely focusing on their objective of profit maximization. But, is it an obligation that is most important than other objectives of business? This thought further leads us to another significant question – In contemporary settings, should corporations be guided by the concept of C.S.R.?

CSR involves the company acting in a responsible manner. There is saying by Lord Holme and Richard Watts that states, “Corporate Social Responsibility is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large.” There are many positive effects or benefits a company can receive if they perform CSR activities. Some of these effects include increased morale, commitment, and a better reputation. Companies may also receive some sort of financial benefit depending on their sales to consumers, who strongly value the Corporate Social Responsibility contributions. Although we know what Corporate Social Responsibility is, how exactly do we determine if the company is socially responsible? Well, ask yourself, “Is if good for the people? Is it good for the environment? Is it good for the business? These are all questions you should ask yourself in order to determine whether the company is socially responsible or

Corporate Social Responsibility is described as being a company’s ethical, economic, environmental, social and legal attitude towards its stakeholders in order to establish long-term success (Crane at el, 2008). These issues have come to have an important role in the running of a business in recent years. CSR was developed over a number of years and has been researched by professional economists. There are many arguments in favour of and against the CSR strategy. A company that adopts and operates the CSR can gain control over a variety of sectors, including shareholders and stakeholders. In brief, businesses can generate maximum profit and reduce potential risk by adopting the CSR strategy

Milton Friedman was an American economist, statistician and writer, who had a massive impact on the research agenda of the economics profession. His famous words “the only responsibility of business is to increase its profits” (Friedman, Milton. 1970) led to many controversial debates on whether businesses should have ethics or if profit should be their main goal. Corporate social responsibility has many definitions, as its interpretation is quite loose, so I have chosen one that relates the most to this essay, given by the World Business Council for Sustainable Development, in 2000: “Corporate social

The answer to the questions of Why does a business exist? and What purposes does/should it serve within society? are not agreed upon by all. The concept that companies having social obligations beyond their economic benefit is controversial (Chandler & Werther Jr., 2014). This paper will briefly examine the viewpoint of the well-known economist, Milton Friedman, whose assertions have been very influential in the debate surrounding corporate social responsibility (CSR). Arguments, both in support of, and against Friedman’s assertions, will be presented along with examples of two organizations having contrasting attitudes regarding CSR. Lastly, the paper will examine three organizations whose literal adherence to Friedman’s view has led to the rationalization of unethical behaviors.

A business is not one that lives in isolation; it can be an integral part in a community’s success or demise and has social responsibilities to; the community, stakeholders, and anyone who may be affected by a company’s actions. Corporate social responsibility is a term that is never used lightly and is a key role in the development of a successful and morally healthy business. “The objectives of a corporation are to outperform its competitors, presumably through preferred competitive strategies” (Joseph Heath 123). There are three main models by; Freeman, Friedman and Heath discussing corporate social responsibilities and all have distinct differences between their moral obligations, and the way they perceive business should be ran in a

Corporate Social Responsibility (CSR) can play a major role in a company’s financial situation. When a company invests in CSR, it can either bring additional costs to the company and hurt it financially or it can help the company and greatly improve its revenue. However, when studying this relationship between CSR and revenue, it is not a relationship that is easily analyzed. For

There is a change in the expectation of employees, customers and shareholders which makes CSR more favorable in doing business today. It is a more sustainable way of doing business and those organization which are more involved in corporate social responsibility will most likely reap the rewards in the longrun.In today’s fast speed and digital world, each business despite its size need to have CSR program in place. Those without CSR programs must implement it as fast as possible otherwise they will lose valuable stakeholders in the long run.

This discussion will begin with one of the earliest and most quoted critiques of CSR by Milton Friedman (1970). Friedman’s view was that an employee has a responsibility to conduct the business according to the owner’s desire, which is generally to make as much money as possible, while conforming to the basic rules of society, both those embodied in law and those embodied in ethical custom (Friedman, M., 1970). Friedman goes on to state that if a person has responsibilities to his family, his city, his church etc. then these are the social responsibilities of individuals, not business (Friedman, M., 1970). According to Friedman, nothing that takes the focus away from