Jan 3, 2018 #1
socially responsible business
The idea that simultanously with making money, companies need to have public responsibilities remains a source of controversy. While it is widely accepted that profit is the top priority of enterprises, I myself believe that they should also conduct their business in a socially responsible manner.
On the one hand, making profits brings about several benefits not only for enterprises but also for the community as a whole. First and foremost, the more money they earn, the more taxes they will pay for the government. As a result, authorities can have higher budget to spend more on key fields such as education, environment, or health care that contributes to improve the standard of living. Furthermore, thanks to maximizing their profits, companies have chances to grow their business which have positive effects on the society. For instance, with huge profits, a company can expand their scale, invest on new technology, so they would provide better goods and services as well as create more job opportunities within community.
On the other hand, there are some strong reasons why firms should have social responsibilities. The first reason is that in order to have a sustainable development, companies should be accountable for environmental problems that they caused. For example, global warming stemming from emissions or irrespponsible waste disposal from factories is increasingly serious, or natural resources seems to gradually exhausted resulting from over exploitation. If they don't have solutions to tackle these issues, it would negatively affect the whole world, and they would be punished by authorities. Moreover, it is highly recommended for companies to provide financial support like scholarships or charitable donations for people who are less fortunate that can also enhance their public image in return.
In conclusion, although I recognize that making money is fundamental principle of business, I would argue that they should also profoundly reflect upon their responsibilities for community.