Answered: Discuss whether corporations are moral…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

See similar textbooks

Related questions

Question

Discuss whether corporations are moral agents and can be meaningfully said to have moral responsibilities.

Expert Solution

Step 1: Introduction to Moral Responsibilities of Corporations

Corporate social responsibility, or CSR, is the term used to describe the moral duties and obligations that businesses have that go beyond their primary objective of making profits. These obligations reflect the growing understanding that businesses significantly affect society and the environment. While the precise character and scope of these obligations can change, they often consist of the following:

1) Ethical Business Practices

2) Environmental Responsibility

3) Social Responsibility

4) Employee Welfare

5) Consumer Rights

6) Ethical Sourcing

7) Transparency and Accountability etc.