Saturday, June 28, 2008

Corporate Social Responsibility(CSR)

Corporate social responsibility defined in terms of philanthropy, charity, espousal of social causes, labour relations, going green, etc, is to trivialise its very purpose as it allows errant firms to go off the hook by robbing one section of the poor and donating a part of the loot to another section of the poor.
Looking good to society is different from being good. CSR is more fundamental in nature and should dwell on the ways in which firms must ideally operate in a business environment by not indulging in practices like cartelisation, stock price manipulation, unfair trade practices and balance sheet manipulation. The idea is to prevent firms from enriching themselves at the cost of other sections of the society. The buck of social responsibility must start with democratically elected politicians who must not succumb to policy directives of influential firms.

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