Social Responsibility of Business
The subject of business and society covers relationships to the broader social system outside its own organization. In an age of discontinuity, the public expects business to develop a greater social conscience, social concern, and social responsibility relating to its actions. Social responsibility is defined, as the obligation of decision makers to pursue actions which protect and improve the welfare of society as a whole, rather than only their oval interests.
In the words of Bushee- “Social Responsibility rises from the social effects which arise from a performance of business’s economic functions and society also help to solve a number of general social problems that only indirectly relate to business activities”.
Social responsibility is a moral theory, in which individuals are responsible for fulfilling their civic duty; the actions of an individual must advantage the entire of society. In this method, there must be an equilibrium between financial growth and the benefit of society and the environment.
Finally, business and society interact in a system framework which creates certain responsibility for both business and society.