The Social Responsibility of Enterprises

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The social responsibility of enterprises has an important role to play in maximizing profits, but it also raises critical ethical questions. SRI cannot invest in areas of the economy that in any sense contradict justice, morality, and social equality. This includes the alcohol, tobacco, gambling, and gun industries. It is easy to see that the branches mentioned above of industry (though profitable) do not conform to standards of social benefit and, on the contrary, have serious negative consequences for society. Nevertheless, if one industry were to be removed from the list, it would be appropriate to choose gambling since it is expected to have the most negligible impact on society. Although, according to Deveney (2021), gambling is addictive, the significance of this addiction is not comparable to the effects of alcohol and tobacco, which kill people daily. In addition, guns are a sensitive topic in themselves but are aimed at killing in one way or another. Therefore, SRI can invest in gambling if necessary, but not in other areas.

The discussion of the need for businesses to be socially responsible is also a matter of principle. On the one hand, it is essential to understand that businesses implement all possible strategies in order to maximize profits. On the other hand, however, most companies today are becoming prominent and have global influence. In this sense, businesses are expected to be socially responsible and to take care of the well-being of their employees and vulnerable local communities. To put it another way, businesses can — but are hardly obliged to — be socially active, and this will ultimately lead to increased profitability (Tepper, 2020). In addition, industries often consume natural resources and pollute areas. In these cases, governments should force companies to be socially and environmentally responsible through the creation of additional taxes and requirements for proper disposal. This is necessary so that companies minimize their damage to the environment.

References

Deveney, R. (2021). 10 signs you’re addicted to gambling. The Recovery Village. Web.

Tepper, T. (2020). Milton Friedman on the social responsibility of business, 50 years later. Forbes. Web.

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