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Explain What Coroprate Social Responsibility Is And Its Effect On Globalisation

1076 words - 4 pages

CORPORATE SOCIAL RESPONSIBILITYGlobalisation of the world economy is underway, and various groups, including national governments, multinational corporations and international organisations such as the World Trade Organisation, are promoting this. However, globalisation should not be detrimental to the welfare of society.As we have moved into the global market, there is an abundant supply of labour. Capital and free trade have expanded the possibilities. Some industries e.g. textiles, have moved from country to country seeking the lowest labour costs and highest profits. Firms operating in developing countries are often criticised for failing to be socially responsible in their operations (e.g. Nike & Gap were exposed as operating factories with sweatshop conditions) and this has lead to the development of Corporate Social Responsibility.According to Certo (2002) "Corporate Social Responsibility (CSR) is the managerial obligation to take action that protects and improves both the welfare of society as a whole and the interests of the organisation".The most publicised areas in which businesses can act to protect and improve the welfare of society are: urban affairs, consumer affairs, environmental affairs and employment practice affairs. Companies are beginning to recognise that improving 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, some of which are as follows:The Role of Business in Society1.Carr (1996): Pure profit making view- Economic CSR. Business has a lower ethical standards than society. Their only social responsibility is to obey the law.2.Friedman (1962): Constrained profit making view- Business should maximise shareholder wealth, obey the law and be ethical3.Freeman (2001): Socially aware view- Ethical CSR. Firm should be sensitive to potential harms of its actions on various stakeholder groups4.Carroll (2001): Community service view- Altruistic CSR. Businesses must use their resources for social good.Drivers to CSRIn a general context, the three main drivers for commitment to CSR are:1.Performance: CSR is seen as an instrument to achieve objectives in relation to profitability, ROI & sales volume2.Stakeholders: Social responsibilities are adopted in order to conform to norms and defined appropriate behaviour3.Value: Businesses are self motivated regardless of pressure calling for CSR initiativesIn a multinational context the primary drivers for CSR are the need for companies to protect and build their reputation and to manage risk across countries, cultures and socio-political situations. For example: Shell lost market share in Germany when consumers were persuaded that their activities would harm the environment. Pryce (2002), states that such examples are often dismissed as media sensationalism but that they have forced CSR to become a major business issue.Implementation...

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