Need for Social Responsibility
The concept of social responsibility is essentially an ethical issue, since there raises a question of the firm's responsibilities. It is considered to be a voluntary action on the part of the business person who decides whether to take up or not to take up any such responsibilities. They also enjoy their freedom of deciding the extent to which they would like to serve various sections of society. Not all business people feel equally responsible towards society. When there was a debate, on whether business should assume social responsibilities or not, some people believe that a firm's responsibility is only towards its owners. Where as some others, argue that the firm has a social responsibility to society who is affected by its decisions and actions.