Social Responsibility And Its Impact On Society

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INTRODUCTION:

To sustain the present natural resources for the future generations to come was considered to be the social responsibility for each and every human being on this planet, therefore sustainability, accountability and transparency of resources became the basic ingredients for social responsibility.
Only in 1953, Bowen raised a question “What responsibility to the Society can business people be reasonably expected to assure” that evaluated the term Corporate Social Responsibility abbreviated as CSR.
The CSR in 1966 was then defined as:“Social responsibility, therefore, refers to a person’s obligation to consider the effects of his decisions and actions on the whole social system. Businessmen apply social responsibility when they consider the needs and interest of others who may be affected by business actions. In so doing, they look beyond their firm’s narrow economic and technical interests” by Keith Davis and Robert Blomstrom.
Even the European Commission explained CSR as - “By stating their social responsibility and voluntarily taking on commitments which go beyond common regulatory and conventional requirements, which they would have to respect in any case, companies endeavour to raise the standards of social development, environmental protection and respect of fundamental rights and embrace an open governance, reconciling interests of various stakeholders in an overall approach of quality and sustainability,”
It was only in the 1980’s that depleting
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