role of business in society essay

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What Role Should Business Play in Society?

• Mariana Mazzucato

Companies talk the talk of creating stakeholder value, but most don’t walk the talk. In this article, the author outlines two major reasons why — an insular financial sector and stock buybacks — and describes a new model for a truly symbiotic relationship among business, government, and citizens. For this model to succeed, business and government in particular need to address three key questions: What should we create? How should we evaluate social impact? And how should we share?

We must reconsider how value is created in capitalist economies.

The private sector is often considered to be the heart of wealth creation and innovation — the late 1990s and early 2000s success story of Silicon Valley being a prime example. In this model, shareholder value is seen as the ultimate measure of a company’s success. Indeed, the idea that businesses are the most productive actors in the economy has served as a convenient justification for high incomes and great wealth.

From articles on “Successful Wives of Successful Executives” to “Women Rising: The Unseen Barriers.”

• MM Mariana Mazzucato is a professor in the Economics of Innovation and Public Value at University College London, where she is the founding director of the UCL Institute for Innovation and Public Purpose (IIPP). She is the author of Mission Economy: A Moonshot Guide to Changing Capitalism . MazzucatoM

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Free Essay On Role Of Business In Society

Type of paper: Essay

Topic: Sociology , Responsibility , Products , Skills , Society , Business , Workplace , Health

Published: 03/10/2020

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The role of business in society is an issue that has been debated many times due to issues such as corporate social responsibility. However, I believe that the role of business in society is compound and ranges from supplying goods to improving the welfare of the society.

Supply of goods and services

I can say this is the main responsibility of the business in the society. The society has needs in terms of goods and services and businesses are, therefore, established with the sole purpose of meeting these needs and also to make profits. Businesses purchase goods from the society, take them through various processes to make a final product that will benefit the society in general. Such instances may include buying maize from farmers to produce maize flour and other products. In addition, companies do not just buy from farmers but also develop new products and innovations to ease the way of life in the society. This is best shown through use of machineries and social websites where people can communicate from any part of the world within seconds. Innovation will help the society lower costs enhance quality of products and ensure products and services are delivered quickly. This is best shown by Apple where people obtain technological products for communication and other uses. The products provided should be healthy so as not to compromise on the health of the society. A healthy society is important for productivity since business needs healthy individuals to work for them. The business should also be able to give people a choice in terms of goods provided. This is by providing diverse products in the market and various industries for consumers to specialize in their areas and pursue their interests. In addition, this should offer consumers a variety of areas where they want to eat, shop and what to buy.

Employment is another role of the business in the society since the society has human skills that are critical to businesses. These skills assist the business run its operations such as manufacturing, production among others. As a result, the members of the society employed earn incomes, pay taxes for development in the same society and also buy goods for daily consumption. The incomes earned will assist the society build wealth for future spending, assist the disadvantaged and hence meet various societal needs. In addition, businesses should provide a platform for young entrepreneurs who desire to be leaders in the future by being role models. The young people will later assist the society achieve some of its social needs such as clean water for healthy living.

Social Interactions

Businesses should offer the society a place to interact and socialize by sponsoring employees for abroad trips in order to understand each other and people better. Socialization will enhance peaceful coexistence; social-cultural interactions hence remove issues such as stereotyping.

Corporate Social Responsibility

Though corporate social responsibility is taken to be voluntary, I think it should be core for businesses to take it seriously. This is because, business, in addition to offering employment and goods to the society, also need to thank the society for peaceful coexistence. The society provides the environment around which the business operates. As such, businesses should let positives externalities trickle down to the society. This may be in the form of supply of water to the surrounding community for free. The society would find it difficult to disrupt the activities of a business that provides free services such as water. Moreover, the business should engage in sponsoring some activities of the society such as educating the disadvantaged or students for the poor backgrounds. This is because, the society employs human skills and some students from poor backgrounds are unable to offer these skills due to lack of education. By supporting education, the business is providing a platform for having adequate skills in the future for its continued success. Furthermore, businesses should be advocates of climate such as go green activities. These are campaigns geared towards encouraging people to use renewable sources of energy such as gas to avoid cutting down of trees. Trees assist in controlling issues such as soil erosion, cleaning of the air for healthy living and global warming. Such spearheading will bring awareness of the importance of conserving the environment for a better tomorrow. The environment being conserved will also benefit the businesses in return since there will be readily available materials for companies’ manufacturing processes. Such materials may include water as a result of conserving the environment. Moreover, businesses should be advocates for human rights such as freedom of expression. This is by encouraging effective recognition of the right to collective bargaining, following labor laws, having clear rules and principles of labor that forbid coercion and use of child labor to advance business interests. Also, this may one may be done by ensuring that there is no workplace discrimination based on gender, age, ethnicity among other forms of exploitation.

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From there to here: 50 years of thinking on the social responsibility of business

It has now been 50 years since economist Milton Friedman asked and answered a fundamental question: What is the role of business in society?

Friedman’s stance was plain: “There is one and only one social responsibility of business—to use its resources and engage in activities designed to increase its profits.” That view has long influenced management thinking, corporate governance, and strategic moves. But more recently, many leaders have sought to expand that definition to consider all the stakeholders who stand to gain—or lose—from organizations’ decisions.

In 2019, Business Roundtable released a new “Statement on the purpose of a corporation,” signed by 181 CEOs who committed to lead their companies for the benefit of all stakeholders—customers, employees, suppliers, communities, and shareholders. The statement outlined a modern standard for corporate responsibility.

On the 50th anniversary of Friedman’s landmark definition, we look at how the conversation on corporate purpose  has evolved.

The pre-1970 conversation

Even before Friedman’s essay published, the social responsibility of business was a topic of discussion. McKinsey, for example, was part of the early conversation about corporate purpose, which centered on the idea of improving performance and a belief that healthier corporations meant a healthier society. The firm’s earliest formal expression of its objectives spoke of the value of “advancing the profitableness and welfare of American business and hence the welfare of the country as a whole” (1937).

The discussion of corporations’ role in society continued to unfold in the 1950s and 1960s, when Columbia University and McKinsey presented a lecture series in which executives discussed the challenges of large organizations. Many of those talks became books that addressed the issues Friedman would soon take on.

Friedman’s seminal 1970 essay

On September 13, 1970, when Friedman published his landmark piece, “The social responsibility of business is to increase its profits,” in the New York Times , he wrote:

In a free-enterprise, private-property system, a corporate executive is an employee of the owners of the business. He has direct responsibility to his employers. That responsibility is to conduct the business in accordance with their desires, which generally will be to make as much money as possible while conforming to their basic rules of the society, both those embodied in law and those embodied in ethical custom.

Like many businesses and thinkers, McKinsey has grappled with such ideas over the years. A 1971 statement of the firm’s goals highlights the role of profitability but acknowledges that it isn’t the sole social responsibility of business; consultants can also “do worthwhile things for society as well as to earn substantial financial rewards.”

Marvin Bower—McKinsey’s managing director from 1950 to 1967, who remained a vocal leader even after stepping down—also continued to emphasize the importance of enduring business values, which could be translated into societal as well as business impact:

Outside the service for which we are compensated, each of us has an opportunity, through the firm, to serve the society of which [we are] a part. Our knowledge of the problem-solving process enables us to contribute disproportionately to the welfare of our communities.

The 1980s and 1990s: An expanded global view

Management attention started to go global in the 1980s. The business world examined how Japanese companies in particular were revolutionizing manufacturing to compete against once-dominant Western players. Political and social changes were also afoot, and the shift toward globalization took hold.

McKinsey managing director Fred Gluck (1988–94) called on the firm to raise its sights and expand its horizons:

Beginning with a memo not two weeks before the Berlin Wall came down, he urged his partners to expand their vision beyond their usual business clients. As the world’s best problem solvers, he argued, McKinsey should aspire to advise national and world leaders on global issues like poverty, European integration, and the environment. It should help design and implement the reforms that were certain to follow in the wake of the revolutions unfolding in Eastern Europe, the Soviet Union, and Asia. Though not universally shared, Gluck’s call to action struck a chord with many firm leaders. … They were being challenged to help change the world.

The McKinsey Global Institute was founded in this era, looking to generate fresh insights through serious research that integrated the disciplines of economics and management. And although work continued to prize financial impact for clients, the thinking around future impact continued to expand.

The 2000s and 2010s: A focus on longer-term, inclusive growth

Technological advances may have facilitated globalization, but the dot-com crash of the early 2000s and ensuing changes—to say nothing of the global financial crisis of 2008—brought discussion on the social responsibility of business into the zeitgeist.

In a 2006 interview, McKinsey’s former London office manager Peter Foy reflected:

I have real misgivings about the way that [business] changed. Because the minute the world … changed from building great companies and keeping shareholders happy to serving shareholders on a quarterly delivery, wealth-creation basis … you changed everything in the business system. The motivation of the CEO, and the organization, and the time you spend on it all.

The conversations also entered the realm of public ideas. One particularly powerful statement in the March 2011 Harvard Business Review article “ Capitalism for the long term ,” penned by McKinsey managing partner Dominic Barton, called for business-led reform to go beyond quarterly capitalism:

This shift is not just about persistently thinking and acting with a next-generation view—although that’s a key part of it. It’s about rewiring the fundamental ways we govern, manage, and lead corporations. It’s also about changing how we view business’s value and its role in society.

Barton later helped found the not-for-profit Focusing Capital on the Long Term, which encourages long-term investing and business decision making.

Additionally, the McKinsey Quarterly marked its 50-year anniversary  with a special edition on the future of management. One key theme: Corporate longevity and a long-term view of performance.

2019, the Business Roundtable statement, and what lies ahead

On August 19, 2019, the Business Roundtable issued its latest statement on the purpose of a corporation :

Businesses play a vital role in the economy by creating jobs, fostering innovation and providing essential goods and services. Businesses make and sell consumer products; manufacture equipment and vehicles; support the national defense; grow and produce food; provide health care; generate and deliver energy; and offer financial, communications and other services that underpin economic growth. While each of our individual companies serves its own corporate purpose, we share a fundamental commitment to all of our stakeholders.

The statement was endorsed by 181 CEOs (along with McKinsey global managing partner Kevin Sneader ), each committing to leading their companies for the benefit of all stakeholders—customers, employees, suppliers, communities, and shareholders.

Echoes of that statement continue to resonate today, even as leaders navigate crises and contemplate the next normal beyond coronavirus . As Marc Goedhart and Tim Koller note in “ The value of value creation ”: “Long-term value creation can—and should—take into account the interests of all stakeholders.” And Sneader and his coauthors underscore it as a top-management ethos in a new article on the CEO moment :

[The] COVID-19 pandemic has laid bare the profound interconnectedness between businesses and the broader world in which they operate. … Employees, customers, and stakeholders expect a CEO to articulate where the company stands on critical issues.

What lies ahead on this topic? Write to us .

This article was conceptualized, illustrated, and edited by McKinsey Global Publishing colleagues Mike Borruso , Torea Frey , Gwyn Herbein ,  Philip Mathew , Janet Michaud , and Nathan Wilson , with Paul Lasewicz , our archivist, guiding us on this walk through history.

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What is the Role of Business in Society?

November 10, 2015  • Jay Coen Gilbert , Bart Houlahan & Andrew Kassoy

• There is a shift in business - from focusing on the bottom line to having a positive impact on society.
• There still is a long way to go to achieve the scale required to allow all people to use business as a force for good.

Below, the co-founders of B Lab explain the shift in business from focusing on the bottom line to having a positive impact on society.

Jay Coen Gilbert, Bart Houlahan, and Andrew Kassoy, are 2015 John P. McNulty Prize winners . The $100,000 prize recognizes the spirit of innovation and excellence of private sector leaders who use entrepreneurship to address important global social issues.

Capitalism is the most powerful man-made force on the planet. It has played a central role in improving the quality of life for billions of people by constantly evolving through a delicate balancing act with government and civil society. When this relationship is in balance, capitalism is able to meet the needs of diverse communities, provide purpose and dignity to peoples’ lives, and create a shared and durable prosperity for all.

During the late 20th century, that relationship fell out of balance. Even as capitalism’s by-products — technological innovation and economic growth — have accelerated and benefited many, we are experiencing increasing inequality, environmental degradation, and a loss in trust in one of our most important institutions.

Capitalism is failing to live up to its unique promise.

By practice or by law, the operating system and the culture of business and capital markets became Milton Friedman’s maxim that the social responsibility of business is to maximize wealth for stockholders. That operating system functions too often at the expense of the interests of society and even the long-term interests of stockholders.

Fortunately, we are in the early stages of a great re-balancing.

Business has become a source of identity, purpose, and power.

We are beginning to see an evolution in capitalism, from a 20th century view that the purpose of business is to maximize value for shareholders to a shared view that the purpose of business is to maximize value for society. Significantly, this transition is being driven, not by government regulation, institutional blame, or partisanship, but by market-based activism and personal responsibility. We are witnessing an historical moment when, rather than simply debating the role of government in the economy or the role of business in society, people are taking action to harness the power of business to solve society’s greatest challenges.

This reflects a major culture shift. Business — what we create, where we work, where we shop, what we buy, who we invest in — has become a source of identity, purpose, and power.

The most innovative entrepreneurs and venture capitalists, both in the US and abroad, want to start and fund businesses with a transformational purpose. In emerging markets around the world, thousands of businesses are working to lift billions of people out of poverty. Millennials – who represent 50 percent of the world’s workforce and will inherit $30 trillion in the coming decades — want to work with purpose, to buy products from companies they can trust, and to make investments that make money and make a measurable positive impact. And policymakers on both sides of the aisle want to support market forces to solve social problems.

When the CEO of Walmart , one of the world’s largest corporations, says that business exists to serve society, and the CEO of Blackrock , the world’s largest asset manager, says that long-term value is created only through long-term investing and stakeholder-centric management, they are acknowledging a shift in the debate about the role of business. But a shift in the debate is just an opportunity; it doesn’t change the rules of the game or guarantee different outcomes for society.

B Lab was started eight years ago because normative and institutional changes are needed for capitalism to fulfill its promise and continue this evolution. Concrete, scalable, systemic solutions are needed to restore trust in business, create the legal and capital markets’ infrastructure to drive capital to high-impact investments, and enable consumers, employees, and investors to differentiate good companies from just good marketing. We need both a clear vision for what capitalism can offer for society and a clear path to get there.

The B Corp Movement is putting theory into action by setting an objective standard for social and environmental performance, accountability, and transparency. This has moved the conversation beyond declaration of purpose to verification of performance, beyond framed mission statements on conference room walls to signed benefit corporation laws passed in the legislative halls in the majority of states in the country.

This movement is equipping businesses and investors with a platform for benchmarking, measuring, and reporting on impact; providing a sustainable operating system for business by allowing companies to expand their fiduciary duties to include the consideration of their stakeholders; and enabling millions of consumers, workers, entrepreneurs, and investors to join the movement all over the world. Led by a community of over 1,400 Certified B Corporations in 42 countries and 160 industries, and joined by over 3,000 benefit corporations, and 35,000 businesses using the B Impact Assessment as the road map to impact, the B Corp Movement is the model for what it means to use business as a force for good.

And it’s now having an impact on mainstream capital markets. Etsy , a handmade goods marketplace, went public in the US this year as a B Corp, and companies such as Natura in Brazil, Australian Ethical in Australia and Snakk Media in New Zealand are traded on other international exchanges. Large multinationals are getting involved by acquiring subsidiaries that are B Corps, including Ben & Jerry’s at Unilever and Plum Organics at Campbell Soup Company , and they are exploring ways to use the B Impact Assessment to improve their supply chain.

The evolution of capitalism to a model that serves society requires a cultural shift.

However, this movement requires broader buy-in, collaboration, and support from businesses, investors, consumers, workers, and policymakers. If we seek a shared and durable prosperity, mainstream markets must come to expect higher standards of fiduciary duty and corporate leadership to measure and manage impact with the same rigor as they do profit today. With increasing interest from large corporations like Unilever, B Lab has recently announced the formation of a Multinationals and Public Market Advisory Council  to explore how companies of this size and scope can engage with the B Corp movement.

There still is a long way to go to achieve the scale required to allow all people to use business as a force for good. In a globalized, technology-driven society, systemic change no longer comes from one organization, one government, or one charismatic individual. The evolution of capitalism from last century’s model that served shareholders to this century’s model that serves society, requires a cultural shift. That shift is already happening. The B Corp Movement is playing a leadership role by inspiring and empowering millions of people to change their buying behavior and creating advocates who can build new institutions, demand more for their money, and create the necessary policy changes to accelerate this shift. We hope you will join us.

You can learn more about the B Corp Movement at bcorporation.net or take the first step towards using business as a force for good by taking the free B Impact Assessment at bimpactassessment.net

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The New Role of Business in Society

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What is the role of business in society? This essay argues that we are in the midst of a major paradigm shift in our understanding of the purpose of business and that this new understanding holds much promise for business being a significant force for peace in our world. Examples of what companies are doing and why they are doing it will be provided. What we are seeing is the emergence of a view of the firm as a socially responsible political actor in the global economy and as an institution that can generate not only material wealth but also wealth that nourishes the full range of human needs, or what some call spiritual capital (Williams, 2008).

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Collins, J. and Porras, J. 1994. Built to Last . New York: Harper Business.

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Williams, O. (2011). The New Role of Business in Society. In: Bouckaert, L., Zsolnai, L. (eds) Handbook of Spirituality and Business. Palgrave Macmillan, London. https://doi.org/10.1057/9780230321458_42

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What Is the Role of Business in Society?

• Published On: October 26, 2021

The role of a business is to produce and distribute goods and services to satisfy a public need or demand. According to Business News Daily  corporate social responsibility (CSR) is “a business practice that involves participating in initiatives that benefit a society.”

However, corporate social responsibility is more than just a simple business practice. When you pursue a Master of Business Administration (MBA), you will learn how to differentiate the blurred lines of working for profit and working to help maintain the social order. Society does not exist without some form of an economy, and businesses are what make up the economic system of the world.

Corporate Social Responsibility (CSR)

Corporations can enact CSR as a business practice in multiple ways. Corporate social responsibility as a business practice involves putting certain funds toward organizations or people who need aid. Some corporations put part of their proceeds toward programs that feed the hungry, others toward organizations that clean up the environment.

Businesses are also expected to maintain a certain level of responsibility in the way they run their operations. A company can be viewed as ethically irresponsible if it knowingly brings harm to the environment or if its business tactics cause employees to be treated unfairly.

As the world has become increasingly connected, the consumer has developed more concern for the ethics behind the goods and services that they purchase. Consumers are not the only ones looking for socially responsible corporations, however; employees are doing the same. Many individuals looking to go into the field of business want to work for an ethically responsible company . CSR is crucial to nearly every facet of a business: not only is it essential to setting the tone for a company culture and retaining employees, but it has a significant effect on customer loyalty and overall profit.

MBA Teaches Ethical Behavior

While businesses are designed to make money and bring in a profit, it is important to know how to resolve ethical and governance issues in a socially responsible manner. Businesses have to be aware of new technologies, the trending demands of their clientele and changes in market conditions so that they can continue to operate in ways that are both responsible and profitable.

Entrepreneurs have begun to reevaluate the ways in which advanced business degree programs teach ethics. Many MBA programs teach courses that cover CSR and the role of business in society — but there is a sweet spot for teaching business ethics that accounts for the following: society’s changing values, different generational desires and the balance between making the right moral decisions and not jeopardizing the bottom line.

Corporate social responsibility is understood in multiple ways. For some, it is a business tactic by which a company donates money, goods and/or volunteer hours toward a worthwhile cause such as the homeless population or the local education system. There are multiple outlets and means by which a company can demonstrate that it is socially responsible. However, corporate social responsibility is also the way in which a company chooses to run itself. The effects a company has on the environment or the way in which it treats its employees also play a part in what makes any given company socially responsible. You can learn how to make morally sound decisions for your company or business when you earn your MBA online.

Learn more about the  Texas A&M University-Corpus Christi online MBA program .

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The Business Role in the Economy Essay

Role of business in the society, roles of for-profit and nonprofit organizations in the economy, impact of current fiscal and monetary policy on the economy, accessing global market through outsourcing at toyota, corporate social responsibility.

The main role of business in the society is to produce both goods and services in order to meet demand created by the public. However, it must do so in such a way that companies also make profits so that they can continue to exist.

Businesses provide goods and services that both the public and governments cannot do without having. In addition to this, businesses also consume both products and services from both the government and the public such as labour. Therefore, it is also the responsibility of any business to give back to society. This way the company will gain acceptability in society.

Business has the moral obligation to the consumers and the public not to produce goods and services that have the potential to cause any harm to people. In addition, it is the responsibility of business not to unreasonably over charge the consumers for its goods and services.

Recently it is has become the responsibility of business to contribute to the wellbeing of the society in which it carries out its business in the sense that a better society means a better environment for doing business.

In fact, a business social dimension is a plus in the conduct of business. It makes the very people who buy services and goods the mere existence of that business. This makes them to want to buy their products, which creates customer loyalty.

Business also has the obligation to trade fairly with other businesses and its suppliers to ensure an optimal business environment and to meet its financial obligations accordingly. It also has the responsibility to obey the laws of the country/state in which it is carrying out its business.

Profit and nonprofit organizations contribute to the growth of an economy. They both offer employment and contribute to the GDP. In 2011, for example, nonprofit organizations contributed about 5 % of the United States’ GDP. These organizations also offer employment to youth and create a sense of purpose in society by championing for certain causes.

For profit organizations, on the other hand, exist purely for profit making purposes. They pay tax and contribute to the economic development by employing individuals who in turn pay tax and use their disposable incomes to spur growth in various sectors of the economy.

Additionally, profit organizations engage in social responsibility work. This ensures that they maintain close contact with the business market and shows a sense of responsibility towards their sources of resources.

The government uses two policies to control money supply in a country. That is, expansionary and contractionary policy with the effect of increasing and reducing money supply respectively. The effect of expansionary policy on the AA-DD model is a shift to the right. This increases the exchange rate of a country’s money with respect to another country. However, this does not happen fast.

It takes on a transitional mode with many factors at play. For example, the real money supply exceeds the real money demand. This, in the short run, means that inflation levels increase quickly.

However, the trend lags as more people convert their money assets into non-money assets to beat or take advantage of the inflation levels. In the long term, the natural effect is that the exchange rate will increase with the amount of cash in the economy.

The US Government employs the contractionary monetary policy when the money supply in an economy reduces. This reduction has the effect of shifting the AA-DD model downwards. When this happens, there is an immediate reduction in Gross National Product of a country. It also leads to a relatively stronger local currency.

Fiscal policy refers to government spending. The government is the biggest consumer and its consumption has many policy effects on the economy. The government uses this power to effect policies in a country through either reduction in spending (contractionary fiscal policy) or increase in spending (expansionary fiscal policy). An increase in government spending causes AA-DD model to shift to the right.

This causes a decrease in the exchange rate. For example, the Canadian dollar would do better than the American dollar in this situation. However, this leads to an increase in the GNP for the country. This is because it may attract more foreign investment as it is favorable to them. There are many causes for an expansionary policy. This includes transfer payments, tax reductions, and government direct spending.

Outsourcing has become a trend in today’s business environment and Toyota is no exception of the firms that are increasingly outsourcing production of goods and services. It is not possible for the firm to produce every component that it requires in the production of its vehicles.

Even if it were possible to produce all these components, it would be more expensive as it may mean having other completely different plans and work set-ups. Additionally outsourcing allows the firm to concentrate on the core business of the firm and hence giving the firm room to be more efficient and effective in doing its core business. It also allows the firm to gain access to higher-level expertise and experience.

This may be unavailable within its staff or which is expensive to employ. Other benefits include legality of the process done on contractual basis, risk avoidance, tax benefit, commoditization, and many more. An example of components that the firm outsources includes wheels and oil.

Toyota, a multi-national company, gets its suppliers all over the word as long as they provide what the company requires and for a reasonable price in accordance with the firm’s intentions. This shows that outsourcing will increase market penetration to countries where Toyota does not operate and further increase its profits.

CSR obligation surpasses what the law requires a firm to do. It is the responsibility an organization takes upon itself to better the social lives of both the workforce and society. Currently, this is a worldwide trend.

This is because of the pressure from society and governments for organizations to feel more responsible for the sources of their resources. The members of society are also more sophisticated than sometime back. The competitive environment is also cutthroat with more companies joining the framework.

Corporate Social Responsibility at Toyota has greatly affected society in different areas of life. Among the greatest beneficiaries is the environment. Toyota has taken up the challenge of conserving the environment, as it is becoming a necessity for the whole of the business fraternity in the world to engage in environmental conservation activities.

Consequently, the world’s society is gaining from Toyota’s efforts, for instance increase in rainfall around the world, reduced global warming etc. The company is producing environmentally friendly cars such as Prius and actively engaging environmental conservation efforts at the corporate level such as planting trees.

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IvyPanda. (2020, January 26). The Business Role in the Economy. https://ivypanda.com/essays/business-environment-5/

"The Business Role in the Economy." IvyPanda , 26 Jan. 2020, ivypanda.com/essays/business-environment-5/.

IvyPanda . (2020) 'The Business Role in the Economy'. 26 January.

IvyPanda . 2020. "The Business Role in the Economy." January 26, 2020. https://ivypanda.com/essays/business-environment-5/.

1. IvyPanda . "The Business Role in the Economy." January 26, 2020. https://ivypanda.com/essays/business-environment-5/.

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IvyPanda . "The Business Role in the Economy." January 26, 2020. https://ivypanda.com/essays/business-environment-5/.

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The Role of Business in Society - Essay Example

• Subject: Business
• Type: Essay
• Level: Masters
• Pages: 4 (1000 words)
• Downloads: 2
• Author: bradley97

Extract of sample "The Role of Business in Society"

Thus, the individuals that approach decisions in this perspective feel that ethics in business is vital for maximum profits. In addition, decisions can be overlooked from the stakeholders’ point of view. In corporate social responsibility many firms make decisions and consider the interests and needs of the company’s stakeholders. This does not just base on the financial stake of the organization’s losses and profits. The various organizations which approach to vital issues in a firm from the perspectives of the stakeholders consider how the decisions have an impact to the people outside and inside the organization.

The stakeholders can either affect or be affected by the decisions and actions of a particular firm. Though the shareholders are stakeholders, they are not the only ones. Furthermore, other stakeholders include customers, suppliers, employees and competitors. In decision making, the stake holders make decisions that favor the affected parties. The managers are very vital in the decisions of the firm as they establish the ethical tone. The managers control the view of the employees on profits.

They set the recommended by the employees in ethical operation of the company. In the perspectives of the managers they set the business environment that encourages the other employees. For the company to operate in an ethical manner, the managers come up with decisions that encourage the employees to behave ethically. Therefore, the manager lead well to serve as an example to the employees. Business firms are supposed to assess their weaknesses and strengths in responding to the opportunities and threats in the environment.

The marketing objectives of most businesses aim at improving and increasing the satisfaction of the customer or increasing the sales. In contrary there are several constrains that can hinder the business from proceeding. This

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Shielding Society: the Evolution of Police Officer Roles in Community Safety

This essay about the evolving role of police officers in community safety explores their transition from mere enforcers of the law to proactive facilitators of trust and collaboration. It highlights how police officers have embraced community-centric policing strategies, utilizing technology and engaging with diverse communities to prevent crime and address societal issues. The essay also discusses the ethical challenges and responsibilities faced by modern law enforcement, emphasizing the importance of upholding principles of fairness, justice, and civil liberties. Additionally, it underscores the critical role of police officers in emergency response efforts, showcasing their agility and courage in safeguarding lives and restoring order during crises. Overall, the essay illustrates the adaptability and resilience of law enforcement agencies amidst societal changes, emphasizing their commitment to serving and protecting communities.

How it works

Interwoven within the intricate tapestry of society, police officers stand as unwavering sentinels, navigating the ever-shifting terrain of community safety. Across epochs, their role has undergone profound transformations, mirroring the intricate dance between law enforcement and societal dynamics. From being mere enforcers of statutes to becoming empathetic guardians of public trust, their journey epitomizes the fluidity of the symbiotic relationship between law enforcement and the diverse communities they serve.

Historically, the archetype of a police officer was synonymous with authority and enforcement, primarily tasked with upholding order through punitive measures.

However, as societies burgeoned and diversified, the demands placed upon law enforcement agencies evolved exponentially. Police officers could no longer function solely as enforcers; they needed to evolve into proactive facilitators of community cohesion and safety.

A pivotal aspect of this evolution has been the shift from a reactive to a proactive approach in policing. Instead of merely responding to criminal incidents, contemporary police officers engage in community-centric policing strategies aimed at preventing crime through collaboration and engagement. This shift underscores a deeper understanding of the root causes of criminal behavior and the importance of addressing underlying societal issues such as socioeconomic disparities and mental health challenges.

Community policing initiatives have emerged as a cornerstone of modern law enforcement doctrine. Police officers now actively participate in collaborative endeavors with local residents, civic organizations, and governmental entities to identify and address the unique safety concerns of each neighborhood. By fostering trust and facilitating open dialogue, police officers can gain insights into community needs, thus enabling them to tailor their interventions more effectively.

Furthermore, the advent of technology has revolutionized policing practices, equipping law enforcement agencies with a plethora of tools designed to enhance efficiency, transparency, and accountability. From predictive analytics to body-worn cameras, these technological innovations empower police officers to improve crime prevention and detection while simultaneously strengthening community relations.

Nevertheless, alongside these advancements arise novel challenges and ethical dilemmas. The widespread use of surveillance technologies, for example, raises concerns about privacy infringement and the potential for authoritarian overreach. Similarly, the proliferation of algorithmic policing algorithms raises questions about systemic bias and discriminatory practices. As police officers navigate this ethical maze, they must remain steadfast in upholding principles of impartiality, justice, and respect for civil liberties.

Another critical aspect of the evolving role of police officers is their response to emergencies and disasters. Whether confronting natural disasters, terrorist threats, or public health crises, police officers often find themselves at the forefront of emergency response efforts. Their agility, resourcefulness, and courage are indispensable in mitigating risks, safeguarding lives, and restoring order amidst chaos.

In conclusion, the evolution of police officer roles in community safety exemplifies the adaptability and resilience of law enforcement agencies in the face of societal change. From traditional enforcers to proactive stewards, police officers have embraced innovation, collaboration, and empathy to better serve and protect their communities. As society continues to progress, the role of police officers will undoubtedly continue to evolve, guided by the principles of fairness, integrity, and public trust.

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PapersOwl.com. (2024). Shielding Society: The Evolution of Police Officer Roles in Community Safety . [Online]. Available at: https://papersowl.com/examples/shielding-society-the-evolution-of-police-officer-roles-in-community-safety/ [Accessed: 11 Apr. 2024]

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PapersOwl.com. (2024). Shielding Society: The Evolution of Police Officer Roles in Community Safety . [Online]. Available at: https://papersowl.com/examples/shielding-society-the-evolution-of-police-officer-roles-in-community-safety/ [Accessed: 11-Apr-2024]

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Feliciano Economics Students Visit New York Federal Reserve

Posted in: Economics

Edmond Berisha, Associate Professor of Economics at the Feliciano School of Business, recently brought Economics Honors Society members for a visit to the New York Federal Reserve Bank.  The students learned about the role of the New York Fed as well as the Federal Reserve System in general.  Discussion centered around the structure of the Federal Reserve system and the process of monetary policy decisions.  Students were also introduced to the cash services that the NY Fed offers to banks in the area.

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