Outline and discuss the evolution of CSR (Corporate Social Essay

Outline and discuss the evolution of CSR (Corporate affectionate Responsibility), including its history, role in the financial crisis - Essay ExampleAmong the many corporate strategies that have been adopted in the corporate world, to ensure both sustainability and profitability is the concept of Corporate Social Responsibility (CSR), which has gradually achieved enormous popularity and significance in craftes world over. Corporate Social Responsibility simply refers to the manner in which businesses stick out towards the society or conduct their affairs, in accordance to acceptable standards of operation all businesses have an province to pay attention to, or to be responsive to loving and environmental issues (Montiel 2008, p.245), rather than merely centre on reservation profits. An understanding and integration of both societal needs and business needs is specially important to business management in the recent times due to the increasing awareness of social challenges a nd the emphasis on social responsiveness. In that respect, Corporate Social Responsibility entails engaging in business practices and activities that promote societal goals, thus, is one of the basic means of achieving belligerent advantage in the complex and competitive global market environment. Historical stakeground of CSR The concept of Corporate Social Responsibility dates awhile back in history and it has been in existence for more than a decade now, though its prominence and act in the corporate world is largely a present phenomenon for many corporations were not familiar with it until round the mid 1970s. The pioneers of the concept observed that businesses ought to pursue policies and take decisions or actions that are desirable not barely in terms of the objectives but also in terms of the values of society (Archie 1999, p.270). Initial academic debates that led to the development of this concept were the heated exchanges between Adolf Berle, who contended that manag ers were only responsible to their shareholders, and Merrick Dodd, who maintained that managers were responsible to the man as a whole and not just to the shareholders alone. Dodd further developed his contention by positing that as well the economic responsibilities owed to shareholders, managers have social responsibilities to the society as well businesses serve a purpose in society and are not merely a source of profit to their owners (Snider, Hill & Martin 2003 p.176). Modern active movements in the 1950s and 60s particularly in the US gave the debate a stark naked momentum by turning media attention to business practices that they considered to be unethical or irresponsible, and in the disturb of 1070s focus had shifted to Corporate Social Responsiveness. This gave rise to yet another concept, Corporate Social Responsiveness, which refers to the persuasion that firms have to respond pragmatically to social pressures while paying considerable attention to their social obli gations. A new development that took place in this era was the birth of modern corporate philanthropy, which involved corporations making huge donations for purposes not directly linked with immediate corporate profit. A further development in the concept was the shift from mere corporate philanthropy to strategic corporate philant