National and Global Perspectives of Corporate Social Responsibility

Business is all about serving the needs of one’s customers and clients while doing it in such a way that everyone can be proud. One core value is obviously the economic one, that is, business is expected to be profitable and to make money for the owners, shareholders, and investors. However, business is further expected to achieve this economic value in conformity with the value of legality, but also, since the law may be non-existent, deficient, or not enforced, with the value of morality. That is, business must act in a profitable, legal, and moral manner. Today, moreover, business must deal with another value – the expectation that business, as it grows and especially once it attains a certain size, wealth, and prominence, be “socially responsible.” As such, above and beyond the responsibility to act legally and morally in the pursuit of profit is the notion of social responsibility, which typically today in a business context is called “corporate social responsibility” (CSR). The law defines legal accountability; ethics determines moral accountability, but ascertaining the definition, nature, extent of, and rationale for, the value social responsibility emerges as an even more challenging task. This article takes a philosophical as well as practical approach to explaining and illustrating the concept of social responsibility in a modern-day global business environment. Suggestions and recommendations for managers and their organizations are provided.