Different Perspectives On Corporate Social Responsibility

Introduction Corporate social responsibility refers to the responsibility that corporate organisations have on those internal and external parties around them. Many influential people have provided different perspectives on what the ideal corporate social responsibility is, two of these people are Friedman and Freeman. However, all perspectives have limitations, and because of this, the Key Gardens principle has been developed to provide a the basis for assessing possible moral minimum for organisations. Define Friedmans and Freemans perspectives on (CSR). There are two major perspectives on Corporate Social Responsibility, Friedmans Classical Perspective and Freemans Stakeholder Perspective. Friedmans Classical Perspective refers to the perspective that the primary goal of business is to maximise the economic efficiency while continually acting within the boundaries of the law. This neglects the idea of ethical behaviour, and chooses to only use the law as the minimum form of ethical boundary. Conversely, the Freemans Stakeholder Perspective is considered to be the polar opposite of Friedmans Classical Perspective. Hence, it refers to the idea that business is a matter of respecting stakeholder’s rights rather the viewing stakeholder’s constraints. Including the major limitations identified by the critics. Using an example. Like all corporate social responsibility perspectives, Friedmans classical perspective has been criticised. As a result, a range of limitations hasShow MoreRelatedCorporate Social Responsibility Definition1011 Words   |  5 Pagesresearch study is about what the Corporate Social Responsibility (CSR) is, how people define and how I understand this term? According to my research and observations, CSR does not have only one and constant definition. I have read a lot of definitions of CSR and in fact, they are similar but not the same. 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