What do you understand by Social Responsibilities of Business?

Social responsibility is an ethical framework which suggests that an entity, be it an organization or individual, has an obligation to act for the benefit of society at large. Social responsibility is a duty every individual has to perform so as to maintain a balance between the economy and the ecosystems. A trade-off may exist between economic development, in the material sense, and the welfare of the society and environment. Social responsibility means sustaining the equilibrium between the two. It pertains not only to business organizations but also to everyone whose any action impacts the environment. This responsibility can be passive, by avoiding engaging in socially harmful acts, or active, by performing activities that directly advance social goals.

Businesses can use ethical decision making to secure their businesses by making decisions that allow for government agencies to minimize their involvement with the corporation. For instance if a company follows the United States Environmental Protection Agency (EPA) guidelines for emissions on dangerous pollutants and even goes an extra step to get involved in the community and address those concerns that the public might have; they would be less likely to have the EPA investigate them for environmental concerns. “A significant element of current thinking about privacy, however, stresses "self-regulation" rather than market or government mechanisms for protecting personal information”. According to some experts, most rules and regulations are formed due to public outcry, which threatens profit maximization and therefore the well-being of the shareholder, and that if there is not outcry there often will be limited regulation.

Critics argue that Corporate social responsibility (CSR) distracts from the fundamental economic role of businesses; others argue that it is nothing more than superficial window-dressing; others argue that it is an attempt to pre-empt the role of governments as a watchdog over powerful corporations though there is no systematic evidence to support these criticisms. A significant number of studies have shown no negative influence on shareholder results from CSR but rather a slightly negative correlation with improved shareholder returns.

Social responsibility is one of the channels that support the public interest. This is the secret of its strength as a key element needed to strengthen the links of human relationships. Valtouhd with the group pushes the individual to do his best in order to uphold the prestige, and national of the clearest examples of this autism. Every human being socially responsible, social responsibility is part of the responsibility generally, the individual is responsible for himself and his group, and the group is responsible for itself and its goals and its members as individuals in all matters and conditions, and social responsibility are necessary in the public interest, and in the light of unity and cohesion of the group realized and enjoy the community safely broader and deeper . The responsibility imposed cooperation, commitment and solidarity, respect, love and democracy in the treatment of serious and participation which is kinship between individuals in the same society ... then the sense of social responsibility Nabil him feeling beyond the formalities to the sanctity of duty.

Basically, it is the obligation of an organization's management towards the welfare of the society in which it operates

Nice explanations by Mr. Georgei Assei, and Mr. Vinod Jetley. To add means same details.

Although Iam not a expert on so called "General Business Administration", still, I would like to comment that " Sharing is the way of Living" and technically speaking these days CSR (corporate social responsibility) has become a customer requirement along with EHS (Environment, Health and Safety: ISO14001 and OHSAS18001).