Critically appraise the developments, challenges and understanding of Essay - 1

Critically appraise the developments, challenges and understanding of corporate social responsibility (CSR), by business and academics in todays business environment - Essay Example They only need to strive to fulfil the several societal requirements. For this, they not only need to be socially responsible but also have to undertake ethical implication of their decisions. Considering all the emerging societal issues and requirement of the society from the corporation, it has been intended to demonstrate the aspects of corporate social responsibility in this paper. It will start with the historical development of the concept and then will exhibit the various theories related to CSR. The basic objective behind presenting this paper is to address the issues and challenges of CSR and to devise a new strategy considering the existing theories and further demands of the society from business entities. To validate the entire discussion, instances from an existing business will be undertaken. There was a transformation and drastic change from the hand-made items to the machine made products after the industrial revolution. It brought changes in the general life in both positive and negative manner. Impact of this revolution has been noticed in every field, such as art, music, architecture, literature and even in the man’s way of looking. Simultaneously, there was a rise not only in the working conditions and of declined pollution level but also in the number of working children and women. In other way it can be stated that the revolutions resulted in both dire consequences and productive. Therefore, requirement of society has also developed and with the passage of time outlook of the business entities has also changed. Not only the government sector but also the private sector has encompassed strategies based on corporate social responsibility (ICFAI, 2003). Again at the end of the Second World War, re-examination of the relationship between the community, state and the industry became necessary. The ‘US Marshall Aid Program’, Mac Arthur’s ‘Reconstruction Program’ in Japan and