What is the social responsibility of business?

What is the social responsibility of business?

What is the social responsibility of business?

Social responsibility of business involves creating businesses while enhancing social relationships with the society in which the business is put-up. It can be done through employing the community members, ensuring no pollution to the environment, providing their products to the community and providing monetary assistance to them.

Milton Friedman in his 1970 article claimed that business main aim is to make profits as opposed to also promoting social growth in the society. He argued that only people can have responsibilities, but a business cannot claim to have. In an enterprise, an executive is an employee of the business owner to whom he owes responsibilities.

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The assumption that businesses act within the laws binding them can be refuted. Businesses are willing to extend their mandate so as to prosper such as marketing their products in the society they work. A business involvement with the surrounding community ensures customers, employees, shareholders and the community appreciate the company, and hence, they will give back.

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