Defining Corporate Social Responsibility

Rory Wehrlie October 4, 2011
Defining Corporate Social Responsibility

Some would define what is Social Responsibility as the duty every individual or corporate entity has to perform so as to maintain a balance between the economy and the ecosystem, including social causes. While Corporate Social Responsibility is the continuing commitment by business to behave ethically and contribute to economic development, as explained by Lord Holme and Richard Watts in The World Business Council for Sustainable Development’s publication ‘Making Good Business Sense.’ Corporate Social Responsibility also involves improving the quality of life of the workforce and their families as well as the local community and society at large.

Other names for Corporate Social Responsibility (CSR): also called corporate conscience, corporate citizenship, social performance, or sustainable responsible business.

The rise in popularity of ethical consumerism over the last two decades can be linked to the rise of CSR. As global population increases, so does the pressure on limited natural resources required to meet rising consumer demand (Grace and Cohen 2005, 147). Industrialization, in many developing countries, is booming as a result of both technology and globalization. Consumers are becoming more aware of the environmental and social implications of their day-to-day consumer decisions and are therefore beginning to make purchasing decisions related to their environmental and ethical concerns. However, this practice is far from consistent or universal. (Pulled from Wikipedia)

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