The Social Responsibility Of Business

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The economist and Nobel laureate Milton Friedman’s article published in The New York Times Magazine in 1970 titled, “The Social Responsibility of Business Is to Increase Its Profits.” (NYTimes, 1970) set tone for companies all across the country and all over the world. Companies start to turn in profits that shattered all charts and stock markets. Beginning in 1960s to 1990s, Capitalism had won the cold war with its arch rival the Soviet Union had withered away into the oblivion and the companies that turned focused in profits could not have been more right, or so everybody thought. With the latest economic recession in 2008, everything came tumbling down on the front door of once Wall Street and brought the world economy to halt. Today the social responsibility of Business is defined by economic development, the environment investment and human rights.

Today, the general publics which turns to social media in every step to learn about company’s social involvement and use social media as a tool to address or engage with the company. In this interconnected world, a company cannot afford to ignore their social responsibilities. It had proved time and again, any missteps a company makes in the social media can prove to be a publicity nightmare from which it can barely come out unharmed. Just 10 years ago, only a handful of the fortune 500 companies paid any attention to Corporate Social Responsibility (CSR). However, now “More than 8,000 businesses around the world
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