Reconciling profit and social development in Osigwe Anyiam-Osigwe's business ethics

Abstract

The idea of corporate social responsibility (CSR) emerged to reconcile the apparent tension between the primary objective of business industry which is profit maximization and the essential goal of the economic system, of which corporations is a component, which includes sustainable economic growth and sustainable social development, interpreted as the enhancement of the wellbeing of members of society. This paper examines how the tension described above can be reconciled from the perspective of an African sage philosopher, Osigwe Anyiam-Osigwe. The paper argues in line with Anyiam-Osigwe’s cosmopolitan ideal that business corporations, as a key player in the economic sector, should transcend the “subjective or personal” and “limited vision and perception” of profit maximization as their ultimate objective and mediate their activities with an adequate consideration for the growth of the economic sector and sustainable social development. Key words: Business, global economic order, Osigwe Anyiam-Osigwe, profit, social development, social responsibility.