Business Law: Corporate Responsability
BUL4310
Is Corporate Social Responsibility beneficial towards Businesses?
DCAA Law Firm – Question #14
By:
Abuhoff, Ryan
Alvarez, Jessica
Caldera, Nataly
Di Stefano, Valentina
3/27/2013
Corporate social responsibility originated in the eighteenth century when Scottish moral philosopher and pioneer of political economics Adam Smith expressed that the needs and desires of society could best be met by the free interaction of individuals and organizations in the marketplace. Then the Wealth of Nations further noted that, “It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard for their own interest. Milton Friedman, Nobel Memorial Prize in Economics recipient, replied by stating in a 1970’s The New York Times Magazine article, that “the one and only social responsibility of business, is to increase profits for shareholders. ” As a result these efforts laid the foundations of CORPORATE SOCIAL RESPONSIBILITY. So what exactly is corporate social responsibility? According to The Legal Environment of Business by Cross and Miller text book, corporate social responsibility is the idea that those who run corporations can and should act ethically and be accountable to society for their actions . But there have been many legal cases that challenge corporate social responsibility. Therefore, the ongoing debate of CORPORATE SOCIAL RESPONSIBILITY raises the question as to whether CORPORATE SOCIAL RESPONSIBILITY is actually beneficial toward businesses or not. Through the debate over both perspectives from corporations, CORPORATE SOCIAL RESPONSIBILITY’s impact in the business world will be examined in the spectrum of its ethical, financial, legal, and philanthropic standings, redesigned to meet new purposes in the 21st Century corporate setting.
Many might agree that there is a fine line between ethics and corporate social responsibility, due to the fact that these two could be confused. An
Is Corporate Social Responsibility beneficial towards Businesses?
DCAA Law Firm – Question #14
By:
Abuhoff, Ryan
Alvarez, Jessica
Caldera, Nataly
Di Stefano, Valentina
3/27/2013
Corporate social responsibility originated in the eighteenth century when Scottish moral philosopher and pioneer of political economics Adam Smith expressed that the needs and desires of society could best be met by the free interaction of individuals and organizations in the marketplace. Then the Wealth of Nations further noted that, “It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard for their own interest. Milton Friedman, Nobel Memorial Prize in Economics recipient, replied by stating in a 1970’s The New York Times Magazine article, that “the one and only social responsibility of business, is to increase profits for shareholders. ” As a result these efforts laid the foundations of CORPORATE SOCIAL RESPONSIBILITY. So what exactly is corporate social responsibility? According to The Legal Environment of Business by Cross and Miller text book, corporate social responsibility is the idea that those who run corporations can and should act ethically and be accountable to society for their actions . But there have been many legal cases that challenge corporate social responsibility. Therefore, the ongoing debate of CORPORATE SOCIAL RESPONSIBILITY raises the question as to whether CORPORATE SOCIAL RESPONSIBILITY is actually beneficial toward businesses or not. Through the debate over both perspectives from corporations, CORPORATE SOCIAL RESPONSIBILITY’s impact in the business world will be examined in the spectrum of its ethical, financial, legal, and philanthropic standings, redesigned to meet new purposes in the 21st Century corporate setting.
Many might agree that there is a fine line between ethics and corporate social responsibility, due to the fact that these two could be confused. An
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