Classic and Socioeconomic views of social responsibility.

May 12th, 2015
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Social responsibility theory suggests that individuals and organizations should not only aim to make profits but also work for the betterment of the society.

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Classic and Socioeconomic views of social responsibilitySocial responsibility theory suggests that individuals and organizations should not only aim to make profits but also work for the betterment of the society. The two contradicting approaches to the social responsibility theory are classic and socio economic approach. Many individuals and companies around the world have different views about the social responsibility theory. According to the classical view of social responsibility the management of a company is only Responsible to maximize profits and increase the shareholders wealth, the company has no obligation towards the environment or the society at large, It is argued that if social responsibility actions add to the cost of business it would hurt the profits. Followers of classic theory believe that the shareholders invest their money to increase their wealth and it is th

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