The Challenges Of Social Responsibility In Business

In the business dictionary, social responsibility is defined as the obligation of an organization's management towards the welfare and interests of the society in which it operates (Business dictionary, 2015). In business world, responsibility is a big commitment that is taken very seriously because it is concern with the action undertaken in order to meet the challenges which it is also the reason that social responsibly is being stress on.

Did you know that, an american economist, statistician and writer who taught at the University of Chicago for more than three decades name Milton Friedman states (narrow view) that “Business has no social responsibilities other than to maximize profits” which …show more content…
All businesses main responsibility and objectives are to maximise the company (shareholders / owners) wealth. Milton Friedman believes that in business there is no such thing as social responsibility because it does not have any commitment to promote desirable “social” ends, such as fulfilling jobs, bias-free society, clean environment and etc. Besides that, from the “broader view” it states that there are other obligations besides making profits in business because of their prominent social and economic power; therefore, it is presume that companies have to be accountable to carry out social responsibility towards society (public).