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Question
Define the concept of social responsibility.
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Solution
Concept of Social Responsibility:
Social responsibility of business refers to its obligation to make those decisions and perform those actions which are desirable in terms of the objectives and values of our society. So, all the activities of the business should be performed in such a manner that they will not harm any part of society rather they will protect and contribute to the interest of society.
Definitions:
Howard D. Bowen - 'Social Responsibility is to pursue those policies to make those decisions, or to follow those lines of action which are desirable in terms of the objectives and values of our society.'
The concept of social responsibility has been followed in India since ancient times. Philosophers like Chanakya from India and pre-Christians era philosophers in the west preached and promoted ethical principles while doing business.
In other words, social responsibility involves an element of voluntary action on the part of business people for the benefit of society.
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