Corporate social responsibility: The centerpiece of competing and complementary frameworks

Abstract

In its modern formulation, corporate social responsibility (CSR) is a product of the post-World War II period. Given impetus by the changes in social consciousness that came to a crescendo in the 1960s, especially the civil rights, women’s, consumer’s and environmental movements, CSR has grown in relevance and stature ever since. Today, CSR is a global concept that has progressed from the interplay of thought and practice. CSR represents a language and a perspective that is known the world over and has become increasingly vital as stakeholders have communicated that modern businesses are expected to do more than make money and obey the law. Today, ethics and philanthropy help to round out the socially responsible expectations placed on modern organizations striving to be sustainable in a competitive, dynamic, global marketplace. Socially responsible firms make a special effort to integrate a concern for other stakeholders in their policies, decisions and operations. Other related competing and complementary concepts such as business ethics, corporate citizenship, stakeholder management, and sustainability have contended for the public’s acceptance. The concept of Creating Shared Value also has entered the discussion. All of these are interrelated and overlapping terms that have been incorporated in CSR, which is the benchmark and centerpiece of the socially conscious business movement. Businesses of all sizes have now embraced the concept of CSR, and thus this discussion serves a wide audience. Whether you are new to the field or a veteran, this overview intends to serve as a valuable resource that will serve as a compass to the broad field known as corporate social responsibility (CSR). CSR OVER PAST HALF CENTURY