Corporate Social Responsibility - Feature

The concept of Corporate Social Responsibility was first mentioned in 1953 in the publication ‘Social Responsibilities of the Businessman’ by William J. Bowen. But, the term CSR became popular only in the 1990s.  The term is still imprecise and its application differs widely. Worldwide, honouring of a triple bottom line - people, planet, profit has gained universal acceptance.   An approach to CSR that is becoming more widely accepted is community-based development . In this approach, corporations work with local communities to better themselves.   Philanthropy, where corporates give monetary donations and aid to local organizations and impoverished communities, continues to dominate CSR, though it faces serious criticism.  Progressive organizations do not support this form of CSR as it creates a dependence syndrome amongst its recipients rather than developing long-term capabilities.  Another approach that is garnering support is deliberate inclusion of ‘public interest’ and ‘fair trade’ in corporate decision making.