Explain what coroprate social responsibility is and its effect on globalisation

CORPORATE SOCIAL RESPONSIBILITY

Globalisation of the world economy is underway, and various groups, including national governments, transnational corporations and international organisations such as the World Trade Organisation, be promoting this. However, globalisation should not be detrimental to the eudaimonia of society.

As we get moved into the global market, there is an abundant supply of churn. pileus and free trade put one across expanded the possibilities. Some industries e.g. textiles, have moved from country to country seeking the lowest labour costs and highest profits. tautens operating in developing countries are oftentimes criticised for failing to be socially responsible in their trading operations (e.g. Nike & Gap were exposed as operating factories with sweatshop conditions) and this has overstep to the development of Corporate Social duty.

According to Certo (2002) Corporate Social Responsibility (CSR) is the managerial obligation to take action that protects and rectifys both the welfare of society as a whole and the interests of the organisation.

The approximately publicised areas in which businesses can act to protect and improve the welfare of society are: urban personal business, consumer affairs, environmental affairs and employment practice affairs. Companies are beginning to recognise that up their impacts and addressing wider social and environmental problems will be crucial in securing their long-term success.

There are various arguments associated with businesses role in society, somewhat of which are as follows:

The Role of Business in Society

1.Carr (1996): arrant(a) profit making view- Economic CSR. Business has a raze ethical standards than society. Their only social responsibility is to follow the law.

2.Friedman (1962): agonistic profit making view- Business should maximise shareholder wealth, obey the law and be ethical

3.Freeman (2001): Socially aware view- Ethical CSR. Firm should be sensitive to potential harms of its actions on various stakeholder groups

4.Carroll (2001): union service view- Altruistic CSR. Businesses...

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