Corporate Social Responsibility in the Marketplace

In understanding the subject of social responsibility in business, there are many varying views and theories presented. The argument, at the extremes, is one that is purely economic in nature and the other that requires corporation’s responsibility to society. Today society demands social responsiveness of businesses in the marketplace. A businesses’ failure to act socially or ethically responsible, in some cases, could form the foundation for its own peril. My paper attempts to define social responsibility, discuss views and theories, and provide case examples where businesses respond to situations in the global marketplace. The argument that corporation’s responsibility to shareholders to maximize profits as a sole objective is no longer†¦show more content†¦This is the voice of the laisser-faire 1980s. Elaine Sternberg, a classicist advocate, who argues that there is a human rights case against Corporate Social Responsibility (CSR), which is that a st akeholder approach to management deprives shareholders of their property rights. She states that the objectives sought by conventional views of social responsibility are absurd. Not all aspects of CSR are guilty of this, however. Sternberg states that ordinary decency, honesty, and fairness are expected of any corporation† (Baker). â€Å"The corporate citizen theory argues that businesses have an obligation to do good for society (Cheeseman 160). Businesses have a duty to society to help solve problems that they did not cause. This theory aligns best with the socioeconomic view of social responsibility. â€Å"The socioeconomic view requires management’s responsibility to surpass making profits to include protecting and improving society’s welfare. This view sees that corporations are not independent entities, responsible only to stockholders. Corporations also have the responsibility to the larger society that endorses their creation through laws and regulation s and supports them by purchasing their products and services. Organizations are expected and encouraged to become involved socially, politically, and legally† (Robbins/Coulter 100-01). From the classic economic or maximizing profits view to theShow MoreRelatedLiving Up to Ethical and Social Responsibilities: The Case of Occidental Petroleum Corporation1394 Words   |  6 PagesLiving Up to Ethical and Social Responsibilities: The Case of Occidental Petroleum Corporation Introduction The recent assassination of a U.S. ambassador in Libya and the rampant anti-American sentiments being expressed in other parts of the world is proof positive that many American-based multinational are faced with a hostile operating environment that demands informed and timely responses. 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