The social responsibility of corporations

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Essay from the year 2006 in the subject Business economics - Business Ethics, Corporate Ethics, grade: 1,3, University of Glamorgan, course: Business Ethics and Sustainable Development, language: English, abstract: This essay builds upon Milton Friedman's (1970) famous statement that "the social responsibility is to make a profit". It analyses four dimensions of corporate social responsibility - economic, legal, ethical and philanthropic - and discusses arguments for and against each of them. The study concludes that there is need as well as justification for CSR, not only in a strategic manner, but also in an altruistic/philanthropic way.