Business Studies · Ch 6 — Social Responsibilities of Business and Business Ethics
Concept of Social Responsibility
Concept of Social Responsibility
What social responsibility means: The social responsibility of business is its obligation to take those decisions and perform those actions which are desirable in terms of the objectives and values of our society. When a business assumes social responsibilities, it is saying that it respects the aspirations of society and will try its best to help achieve those aspirations alongside its own profit interests — not at their expense.
Contrast with the old view: This idea stands in contrast to the common notion that a business exists only to maximise profits for its owners, and that talk of public good is irrelevant to it. The responsible view holds that a business — like any responsible member of society — must act with due concern for the effects of its actions on the lives of other people.
Social responsibility is broader than legal responsibility.
- Legal responsibility can be discharged by mere compliance with the law — doing only what the law requires. …