Corporate social responsibility (CSR) is here to stay in its
present or slightly modified format. CSR has been stable and growing since the
1960s. CSR has been defined in a multitude of ways over the years. In my ownframework, CSR is defined broadly to encompass the economic, legal, ethical andphilanthropic expectations placed on businesses by society. CSR’s progress in
the 2000s may appear to be moderate in light of pressing economic pressures,
but it also is contending with competing and complimentary frameworks and
socially conscious nomenclature.
Some of the alternative concepts embracing CSR include
corporate citizenship, corporate stewardship, business ethics, stakeholder
management, conscious capitalism, creating shared value, and sustainability.
These concepts represent the principal variations of CSR striving for worldwideattention and adoption. These frameworks are all interrelated and overlapping
and are integral to some facet of CSR. Though there are slight nuances in the
differing language of each, at heart they are all focusing on business firms
helping to improve society and stakeholders while at the same time sustaining
their own profitability.