The Business Community: Social Responsibility and Corporate Values

Abstract

Abstract This chapter looks at the ethical ingredients, strategies, and conduct of business institutions. This is an important subject, as a great deal of criticism has been, and is being, levelled against the social responsibilities and moral conduct of large enterprises (particularly multinational enterprises, MNEs); some of this, as Robert Davies acknowledges, is justified in respect of some firms, while some is not. This chapter attempts to set the record straight by acknowledging that MNEs do have a responsibility to all their stakeholders and to the community at large, and at the end of the day, judicial or ’proper’ selfishness pays off. He also addresses the social‐cum‐altruistic role of businesses and the business community, and gives several examples of recent businesses, both in the USA and the UK, which by their actions portray the unacceptable face of global capitalism. This is an open‐minded look at the demands being made on the business community by the various stakeholders in global capitalism, and acknowledges that business leaders need to play a more proactive and progressive role in fashioning corporate values and social responsibility, and upgrading these from the realm of business philanthropy.

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