Importance of Social Responsibility for Businesses
Business plays an important role in the economy as well as in the society. Since businesses are run by private owners, they act in the way that increases their profits. But, because of their great influence, businesses are expected to also take some social responsibility. Milton Friedman, in the essay “The social responsibility of business is to increase profits”, argues that businesses’ only responsibility is to increase its profits and although they may do generous deeds, they are not required to do them (Friedman 157-164). However, this type of mentality can harm business. Social responsibility is no longer a choice for business but rather a way for them to survive because disregard for social and environmental problems as well as unethical practices can bring about the end of a business. …show more content…
Aside from the fact that companies contribute to pollution greatly and therefore should help in reducing it, companies should also strive to create environmental friendly practices because it can be profitable to them. Companies can make a positive impact on the environment by decreasing fossil fuel use and energy consumption. Reduction of energy consumption is beneficial not only for the environment, but also for the companies since it causes cost reduction. Similarly, water conservation is useful for both people and businesses because drought conditions in both present and future can have a significant impact on companies. Waste reduction is another way businesses can help improve environment. Recycling, reusing, and selling can save businesses money (Grayson and Kjelleren). These various examples of environmentally friendly practices show that being environmentally responsible is not just good for the planet, but for the companies as well and companies will have to start using such practices to keep up with the
Business plays an important role in the economy as well as in the society. Since businesses are run by private owners, they act in the way that increases their profits. But, because of their great influence, businesses are expected to also take some social responsibility. Milton Friedman, in the essay “The social responsibility of business is to increase profits”, argues that businesses’ only responsibility is to increase its profits and although they may do generous deeds, they are not required to do them (Friedman 157-164). However, this type of mentality can harm business. Social responsibility is no longer a choice for business but rather a way for them to survive because disregard for social and environmental problems as well as unethical practices can bring about the end of a business. …show more content…
Aside from the fact that companies contribute to pollution greatly and therefore should help in reducing it, companies should also strive to create environmental friendly practices because it can be profitable to them. Companies can make a positive impact on the environment by decreasing fossil fuel use and energy consumption. Reduction of energy consumption is beneficial not only for the environment, but also for the companies since it causes cost reduction. Similarly, water conservation is useful for both people and businesses because drought conditions in both present and future can have a significant impact on companies. Waste reduction is another way businesses can help improve environment. Recycling, reusing, and selling can save businesses money (Grayson and Kjelleren). These various examples of environmentally friendly practices show that being environmentally responsible is not just good for the planet, but for the companies as well and companies will have to start using such practices to keep up with the