CORPORATE SOCIAL RESPONSIBILITY
Capitalism
is the prevailing economic system of the world of today. It is associated with
private entities having complete ownership of factors of production. It has led
to the development of corporations as controlling factors of the economy.
Capitalism has also led to great levels of competition. The high levels of
competition have led to increased access by consumers to a variety of goods at
very affordable prices. Consumers have had great benefits from capitalism
because as businesses work hard by being unique and having success in the
market, consumers have had the chance of getting access to a great variety of
commodities. Capitalism has fueled technological advancements that have
produced great products that have improved the lives of consumers (Belayeva, 2014).
The
question is, however, do companies operate for the benefits of consumers or
their benefits regarding profit and increased market share. One of the biggest
debate is the consequences that production processes have to the environment.
Capitalism can be said to have had great implications on the environment
because of the need to compete in the world. In this sense, production
processes occur at the expense of the environment, and the costs are met by
other parties other than the organizations that cause them. Capitalism has led
to negative development externalities that are associated with unsustainable
production associated with greed for power and profits. These are some of the
factors that show how businesses fail to consider the society they produce for.
Corporate social responsibility is a great aspect that companies need to
consider. It is important because it ensures that operations carried out by
such organizations are sustainable (Belayeva, 2014).
Industrialization
fueled capitalism and companies exploited resources from the society without
looking for ways of replenishing it back. As a measure of giving back to
society companies initiated what is termed as corporate social responsibility.
These are measures that make companies operate responsibly in relations to the
economic and social aspect of the society they are. Most of the resources that
companies use for their production process comes from the society. It is
therefore important for these companies to give back to the society from which
they took a lot of resources from (HERSHEY HIGHLIGHTS SUSTAINABILITY
ACHIEVEMENTS, 2016).
CSR
is a regulatory mechanism an organization uses to ensure its operations are in
line with the laws, standards regulation and norms of the society. CSR stands a
tool of representation of the consumers who have not been represented by these
organizations for many years. They operate as part of businesses ethics and
have grown to be recognized as standards by the ISO. As much as an organization
focuses on their targets regarding profits and market share, they need to
understand that sustainability is important and thus they need to ensure they
practice corporate social responsibility. However, CSR does not mean taking
part in charities. Most organizations fail to understand the true definition of
corporate social responsibility. This is a term associated with the need for
these organizations to add social value to the society. Charities do not fall
as part of social responsibility. Social value is important and needs to be
added in a continuous process. It is the responsibility of these organizations
to ensure that whatever they give back is of sustainable value to the society
and should stand as one of their primary targets (HERSHEY HIGHLIGHTS
SUSTAINABILITY ACHIEVEMENTS, 2016).
References
HERSHEY
HIGHLIGHTS SUSTAINABILITY ACHIEVEMENTS. (2016). Confectionary Production,
82(5), 7.
Belayeva,
I. (2014). SOCIAL RESPONIBILITY IN THE SYSTEM OF CORPORATE MANAGEMENT.
International Multidisciplinary Scientific Conference On Social Sciences &
Arts SGEM, 349-356.
Additional articles
Purchasing is a business term associated with the acquisition of goods or services. Purchases are, therefore, product or services offered by business for the satisfaction of human wants. It is also a process that is different from different organ...Purchasing-Procedures-&-Forms …
Read ArticleThe Scopes Trial: Navigating the Clash Between Evolution and CreationismEvolution is a scientific theory established to explain the origin and development of biodiversity through time. It is based on the inheritance of characteristics from parent...Evolution-vs.-Creation:-Unraveling-the-Historical-Conflict-through-the-Scopes-Trial …
Read ArticleThe case is between the applicant, The Medical Board of Australia and the respondent Dr. David of Topchain practice. Dr. Topchain is a cosmetic surgeon working in Melbourne Australia. He is a doctor licensed and registered by the medical b...Medical-Board-of-Australia-V.-Dr.-Topchain …
Read Article