Sunday, February 10, 2013

Response to Tammy Chou's post

"CSR has four components: economic, legal, ethical, and philanthropic. Which responsibility do you think is right for the society? Do you think different businesses would act upon it"

      After becoming familiar with CSR's components(philanthropic, ethical, legal, and economic), I firmly believe that it is a mixture of all four responsibilities that is right for society, considering it is a business's concern to maximize its positive impact and minimize its negative impact on society.

     Ethical responsibilities are about doing what is ethical. In other words, corporations doing what is morally right and avoiding harm. 
     Legal responsibilities are about obeying the law. Corporations are legally obligated to do what is right and not wrong. If companies and corporations do not obey the law there can be serious legal consequences, and can therefore hurt the company.
     Economic responsibilities are about being profitable. If a company is not profitable, they cannot succeed. 
     Philanthropic responsibilities are about being a good corporate citizen. Companies and corporations take on the philanthropic responsibility by giving resources back to the community and society. Large corporations have a significant amount of power in society that they should take on this responsibility.
     With all of the responsibilities combined, I believe that a corporation or company can improve society as a whole and greatly succeed. 

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