Summary of the Chapter
Corporate social responsibility (CSR) is one of the best practices in every business organization. This chapter identifies CSR as “a corporation’s duty to create its wealth using methods that enhance social welfare” (Steiner & Steiner, 2012, p. 123). The CSR idea evolved in the last half of the 20th century. The political ideology legitimizes and controls the corporate ability of every business organization. Many organizations use this ideology to maximize their gains. The ideology also helps businesses support their immediate stakeholders. Corporate social responsibility seeks to support the needs of different customers, employees, and communities.
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Social responsibility emerged to protect the welfare of many stakeholders in the economic landscape (Steiner & Steiner, 2012). The ideology emerged as a critical practice towards protecting vulnerable communities. The continued wave of industrialization resulted in political corruption, civil unrest, social decay, and economic problems. Many firms provided poor working environments to their employees. The idea was necessary towards supporting communities and stakeholders. CSR also ensured “every business practice was beyond the concept of maximizing profits” (Steiner & Steiner, 2012, p. 131).
Social responsibility is a good practice that takes three forms. These forms include “voluntary actions, externally mandated, and market actions” (Steiner & Steiner, 2012, p. 131). The government or other civil authorities regulate mandated actions. Such mandates are necessary towards supporting the rights of communities and employees. Market actions are responsibilities undertaken by businesses in order to remain competitive in their markets. These actions are common because they make businesses profitable and competitive. Voluntary practices are actions executed without legal requirement or regulation (Steiner & Steiner, 2012).
Such strategies will solve various societal problems. Firms can use energy-saving vehicles or support the best environmental practices. The chapter goes further to highlight the basic principles of CSR. The practice results in greater economic gains. Every corporation should promote the best social practices and comply with every law (Steiner & Steiner, 2012). Stakeholders should work hard to ensure their corporations support the best CSR practices.
Response to the Chapter
This chapter is relevant because it analyzes the history and development of corporate social responsibility. According to the chapter, many businesses worked hard to maximize their profits. The increasing level of competition and desire to improve profits encouraged this ideology. Corporate social responsibility encourages companies to support the needs of their stakeholders. The government has also considered the best laws and regulations to ensure every firm is socially responsible.
This explains why “the ideology of CSR has become an ethical duty for many companies” (Steiner & Steiner, 2012, p. 147). The chapter also analyzes why the issue of CSR will continue to evolve in the coming years. The authors have used some of the best concepts, ideas, and examples to support their arguments. The reader understands why corporate social responsibility remains a critical practice in every firm.
Corporate social responsibility is an evolving field because many businesses have different expectations and goals (Steiner & Steiner, 2012). The chapter has also identified some of the major principles surrounding this issue of corporate social responsibility. Companies should consider the best ethical practices in order to remain competitive. Businesses should also consider every code of conduct in order to remain ethically responsible.
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Such ideas are critical because they support the performance of every firm. Corporate social responsibility is a major issue in the world of business. Every manager or organizational leader should consider these discussions in order to focus on the best practices. Corporate social responsibility will always remain a critical issue in the world of business. The above issue will determine the profitability of many corporations. The chapter has equipped me with the best knowledge towards establishing a socially responsible business.
Steiner, J., & Steiner, G. (2012). Business, Government, and Society: A Managerial Perspective. New York: McGraw Hill.