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Question
What do you understand by social responsibility of business? How is it different from legal responsibility?
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Solution
Social responsibility refers to the duties and responsibilities of business enterprises towards society and its members. It implies the obligation on an enterprise to conduct activities that are favourable from the viewpoint of society. As any business makes use of society’s resources in the form of human and physical capital, it becomes the moral duty and responsibility of the businesspersons to work for the betterment of society.
Social responsibility differs from legal responsibility on various grounds. Social responsibility is a much wider concept than legal responsibility. This is because, by mere compliance with the law, any legal responsibility can be fulfilled for instance, paying taxes on time and reducing the emission of pollutants. On the other hand, social responsibility is an obligation on business enterprises to work for the welfare of society for example, generating employment opportunities to the physically challenged and providing equal employment opportunities to women.
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