In 1970 Milton Friedman began the work of un-stretching the incredibly complicated and far-reaching concept of corporate social responsibility by stating that “there is one and only one social responsibility of business- to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud,” (Friedman, 1970). This view believes that the only social responsibility of business would be to provide employment ...
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...ad to a better reputation among the public, resulting in increased sales, esteem and customer loyalty. Additionally, a firm can establish itself as an “industry leader” in a certain segment of responsibility, thus garnering the highest level of CSR implementation defined by Conge: exemplary, meaning that the firm is innovative in its execution of CSR and has reached the epitome of respect from its peers (Conge, 2016). These effects have positive impacts on both the business and society, further highlighting the dichotomous relationship between the two. The two entities are so deeply intertwined that one’s actions will almost certainly have an effect on the other. If business is irresponsible and depletes a natural resource, the society is impacted. If society progresses towards a new understanding of human rights, CSR ensures that business will shortly follow.
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