Corporate Social Responsibility: A Critical Perspective
DOI:
https://doi.org/10.15678/ZNUEK.2016.0953.0505Keywords:
corporate social responsibility, Hayek, corporate citizenship, corporate sustainabilityAbstract
The concept of corporate social responsibility (CSR) has been growing in importance for many years. It has been the subject of debate and research among academics and practitioners alike. The idea that business has obligations to society going beyond economic and legal responsibility is attractive, but also misleading and dangerous. The purpose of this paper is to critique the concept of CSR from an economic perspective. The paper argues that CSR can be seen from a theoretical perspective as a naive approach, one conflicted with the constraints imposed by economic rationality. Moreover, the economic activities of corporations seem to bear out this statement. In reality, CSR is commonly a mask corporations use to cover their profit maximisation activities, and therefore define social responsibility in self-interested ways. Considering the erosion of state power in the era of globalisation, the “social activity” of corporations can even undermine representative democracy and social welfare.
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