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16 Cards in this Set
- Front
- Back
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Corporate Social Responsibility
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The duty of a corporation to create wealth in ways that avoid harm to protect or enhance societal assets
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Social Darwinism
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A philosophy of the late 1800s and early 1900s that used evolution to explain the dynamics of human society and institutions. The idea of "survival of the fittest" in the social realm implied that rich people and dominany companies were morally superior
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Trustee
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An agent of a company whose corporation role puts him or her in a position of power over the fate of not just stockholders, btu also of others such as customers, employees, and communities
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Service Principle
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A belief that managers served society by making companies profitable and that aggregate success by many managers would resolve major social problems
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Friedmanism
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The theory that the sole responsibility of a corporation is to optimize profits while obeying the law
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Value Chain
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The sequence of coordinated actions that add value to a product or service
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Civil Regulation
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Regulation by nonstate actors based on social norms or standards enforced by social or market sanctions
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External Cost
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A production cost not paid by a firm or its customers, but by members of society
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Soft Law
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Statements of philosophy, policy, and principle found in nonbinding international conventions that, over time, gain legitimacy as guidelines for interpreting the hard law in legally binding agreements
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Norm
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A standard that arises over time and is enforced by social sanction or law
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Principle
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A rule, natural law, or truth used as a standard to guide conduct
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Codes of Conduct
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Formal statements of aspirations, principles, guidelines, and rules for corporate behavior
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Multistakeholder Initiative
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A code-based form of civil regulation by some combination of corporate, government, NGO, or international organization actors
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Sustainability Reporting
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The practice of a corporation publishing information about its economic, social, and environmental performance
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Fair Trade
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The idea that ethical consumers will pay a premium for commodities from producers in developing nations who use sustainable methods
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Management Standard
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A model of the methods an organization can use to achieve certain goals
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