Corporate Social Responsibility Essay Example | Topics and Well Written Essays - 1500 words - 1

Corporate Social Responsibility - Essay Example gained much coverage in the media these days and various supporting and contradicting views about the implementation of this theory in the business are arising. Economists do not deny the existence of corporate social responsibility, but different economists define the responsibility differently. Some economists like Miltion Frideman criticize the idea saying that business is most responsible when it makes profit efficiently not when it misapplies its energy on social projects. (Frideman, 1970). On the other hand, Ralph Nader, defined responsibilities as inclusive of measures necessary to safeguard the interests of society. â€Å"It is hard to imagine the rise of the modern consumer movement without the leadership, resourcefulness, and sheer persistence of Ralph Nader†. (Bollier, 2010). In this paper, I am going to write about the impact of incorporating the concept of Corporate Social Responsibility (CSR) into a corporation’s business and working system. The potential benefits of achieving the CSR through business ethics will be weighed against the financial losses incurred by the corporation and its share holders in way of fulfilling the CSR to evaluate the eligibility of CSR to be adopted in a corporation’s business. The business ethic theory requires corporations to consider it their ethical responsibility to greatly look after the wellbeing of their employees, stakeholders and the society besides focusing on making profits. According to (Agalgatti and Krishna, 2007), there are basically two theories namely the Teleological theory which analyses the results to judge if an action was right or wrong, and the Deontological theory, which classifies duty as a moral category that is not influenced by results. They also noted that the discussion on business ethics is conducted on either or both of them. Basically the business ethic theory necessitates the consideration of social benefits beside making money. On the other hand, (Leave this line as it is