Corporate Social Responsibility (CSR)
Corporate Social Responsibility asks whether corporations should have a conscience.
As Lord Holme and Richard Watts put it: 'Corporate Social Responsibility is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as the local community and society at large' (2010)
CSR is a shift from the vision of companies, firms and other businesses exhibiting merely rent-seeking behaviours. It incorporates a moral component into business activities in that the corporation's objectives are not restricted to profit-making but encompass contributing to individual well-being and social welfare.
CSR can be thought of as an 'ethical duty' for the corporation to adopt fair wages, good working environment as well as respect and protect the natural environment.