Corporate Social Responsibility
Corporate Social Responsibility (CSR) is a Marxist-Socialist principle that requires that companies are accountable to the public and its stakeholders. Of course, those two entities frequently have competing objectives and requirements. Further, the principle assumes a well-informed public that is capable of making unbiased, evidence-based decisions.
Read this essay written by American Nobel Prize for Economics winner, Dr. Milton Friedman to get a free-market perspective of the notion of CSR.
Then, watch the TED Talk video, “The Business Benefits of Doing Good” by Wendy Woods, a self-proclaimed social impact strategist (remember back to what we defined as strategy or strategic back in Weeks One and Two…is this really ‘strategy?’) to get a Marxian perspective (i.e., economics requires intensive government intervention).
The Business Benefits of Doing Good (TED BCG 15:26)
After watching the video, read the article complimentary to the video: Total Societal Impact:
A New Lens for Strategy (BCG Henderson Institute)
After viewing the video and reading the article, respond to the following questions in essay format.
• How does Total Societal Impact (TSI) differ than CSR?
In your essay, you MUST explain what you mean by ‘society.’ Who is included in ‘society’ (e.g., what consideration is given to the needs of entrepreneurs/producers)? Who is excluded?
How will TSI ensure that NO party — producers, laborers, consumers, and politicians is exempted from TSI legislative and policy mandates?
• Find a company already using TSI and provide a summary of its’ process and outcomes from TSI implementation.
Remember, THIS IS NOT ABOUT ANY COMPANY. If you haven’t explained the theoretical implications of TSI, it will be impossible to assess a particular company’s TSI. So, the BULK of your paper should be dedicated to explaining TSI in a way that will allow you to assess some company…any company.
Your essay should be at least two (2) pages, double spaced, with proper references and adhere to citing format per APA guidelines. Use at least two (2) scholarly sources with intext citations supporting your essay. Don’t forget to include a cover page, introduction, body
