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2. What do you mean by Social Responsibility of Business? Give your arguments in favor and against social responsibility
Social responsibility of business implies the obligations of the management of a business enterprise to protect the interests of the
society. According to the concept of social responsibility the objective of managers for taking business decisions is not merely to
maximize profits or shareholders’ value but also to serve and protect the interests of other members of a society such as workers,
consumers and the community as a whole.
Social responsibility requires managers to consider whether their actions are likely to promote the public good, to advance the basic
belief of society, to contribute to its stability strength and harmony.” Social responsibility refers to the voluntary efforts on the part
of the business to contribute to the social well being. The moral idea behind this is that the businesses use resources of the society
so they must give something back to the society.