Skip to main content

What is the responsibility of business towards society? Why is social responsibility at a low pitch in India?

Responsibility of business towards society
A society consists of individuals, groups, organizations, families etc. They all are the members of the society. They interact with each other and are also dependent on each other in almost all activities. Thus, it has certain responsibilities towards society, which may be as follows:
  • to help the weaker and backward sections of the society
  • to preserve and promote social and cultural values
  • to generate employment
  • to protect the environment
  • to conserve natural resources and wildlife
  • to promote sports and culture
  • to provide assistance in the field of developmental research on education, medical science, technology etc.

In other words, the responsibility of business towards society are:
  • Protection of environment.
  • Better living conditions like housing, transport, canteen, crèches etc.
  • Promotion of sports and culture.
  • Opportunity for better career prospects
  • Regular supply of goods and services
  • Proper working conditions and welfare amenities
  • Goods and services at reasonable and affordable price.
  • Prompt after sales services.
  • Conservation of natural resources and wildlife.

There has been a very large outcry to demand that social responsibility be enforced by the government against businesses and a call for greater transparency in the process. Historians have credited the lack of response on many elements, one of which being poor government oversight and even poorer handling of demanding accountability. I think that once government and social activists begin to take a legitimate hold in advocating social responsibility, it will also take hold amongst the people. However, it is very difficult to ask citizens to uphold the value of social responsibility and activism when its government fails to do the same.


Popular posts from this blog

Case Study: A perfect competition

In 1997, over $700 billion purchases were charged on credit cards, and this total is increasing at a rate of over 10 per cent a year. At first glance, the credit card market would seem to be a rather concentrated industry. Visa, MasterCard and American Express are the most familiar names, and over 60 per cent of all charges are made using one of these three cards. But on closer examination, the industry seems to exhibit most characteristics of perfect competition. Consider first the size and distribution of buyers and sellers. Although Visa, Mastercard and American Express are the choices of the majority of consumers, these cards do not originate from just three firms. In fact, there are over six thousand enterprises (primarily banks and credit unions) in the US that offer charge cards to over 90 million credit card holders. One person's Visa card may have been issued by his company's credit union in Los Angeles, while a next door neighbour may have acquired hers from a Miami …

Discuss the relationship between economics and management functions. How does the former contribute to the latter?

Economics and Management are ideal intellectual partners, each particularly fitted to strengthen and cross-fertilize the other. Economics provides the broader understanding of economic activity within which all organizations function; management in turn analyses the character and goals of that functioning. The management economics is often a subsection of the economic science and thus in broader sense a special form of the social, culture and Geisteswissenschaften. Like the economic science it is based in principle on the fact that most goods are limited and must by the participants be managed. It describes the economic functions of the enterprise within a national economy. In addition above all the optimal organization of the factors of production belongs apart from the company targets and the economical functions. In the broader sense also all households are enterprises.