Arguments for and against Social Responsibility of Business
1. Business is a part of society
Business is a part of society. Society is a structure and business is one of its sub-structure. Each sub-structure of a system purposes for the improvement of the entire system and not for its individual improvement only.
This form applies to business too. So, business is accountable for the society as an entire and profit motive of the business cannot have preference over other purposes of the society.
2. Long-term Self-interest in Business
Social responsibility is in the longstanding self-interest of the business. The existence of any business is because of the presence of various community structures like investors, workers, clients, culture, etc.
So, the business should deliver fulfillment to all these structures constantly for its continuous life. By satisfying social accountability, the business may deliver this fulfillment.
3. Moral Justification
Social accountability has ethical justification. This ethical justification appears from the fact that if anyone takings somewhat from others, he must give somewhat to them in return.
On the ethical ground, it based this equation essential on fairness so that it remains. A business takes many contributions (money, materials, people, information, etc.) From society and gives outputs (goods and services) to the society by using various inputs.
The structure of taking inputs and giving outputs works well only if it fulfills social wants.
4. Creating Better Public Image
Any business which involves satisfying the goals of society make a healthier image in the public. The formation of this type of image is a foundation of the fulfillment of the issue for those who run a business.
This also supports growing the business capacity, both to take inputs and giving outputs.
5. Avoidance of Government Regulations
Government purposes at keeping balance in society on a long-term basis. For this determination, it goes to confirm that every structure of society meets social necessities. If any structure cannot do so, the government has the power to take action against it.
Meanwhile, business is a structure of the society, the government may take actions against those business organizations which include actions not meeting social requirements.
In order to avoid such actions having a long-term harmful impact, it is desirable to adopt social responsibility.
6. Maintenance of Society
For maintaining society, there are lawful necessities, but these necessities cannot be complete because of social changes continuously.
Therefore, the business has to be socially responsible for direction to avoid anti-social activities so that
society is maintained continuously.
So, That is all from my side, next post will be