Corporate Ethics & Corporate Social Responsibility Essay

Corporate Ethics & Corporate Social Responsibility - Essay Example 2000). According to the definition, companies should commit themselves to behave in an ethical way and should also ensure that they contribute towards economic development and also ensure that its workers, the local community and the society at large. Even though no direct reference to profitability is made, it can be understood from the words 'contribute to economic development' is indicative of the fact. This definition is nearly a decade old and the scope of CSR has taken a much bigger dimension with the passage of time. According to the publication, CSR, from peoples perceptions across the globe should have, to name a few, a concern for future generation, concern for the environment, transparency, a global outlook and partnerships with other organizations in furthering its obligations. For more clarity a more contemporary view is also given here. "CSR covers all aspects of corporate governance. It is about how companies conduct their business in an ethical way, taking account of their impact economically, socially, environmentally and in terms of human rights. This moves beyond traditional business stakeholders such as shareholders or local suppliers." (Corporate Social Responsibility: What is CSR 2006). What all this ultimately suggest is that CSR is gaining in scope and importance and will continue to do so in the future with newer and additional responsibilities being added. Stakeholders: For any organization to grow it has to see that its stakeholders are well looked after. It is easy to say, but a difficult thing to achieve. Stakeholders include everyone who is having a direct or indirect interest in the affairs of the organisation. It means that a diverse range of people with... The researcher also gives some concluding remarks on the topic. It is stated that global capitalism has no impact on the education sector in the UK. Corporate social responsibility will remain the same because a privatized sector will tend to behave in the same way across different sectors. It is profitability and free market enterprise that ultimately determines CSR. Primary and secondary education is necessary and compulsory to every citizen and hence it is better that it remain in the public sector. The researcher presents the view given by Friedman that education, especially primary education is compulsory. A privatized sector will not be able to give quality education at low prices or for free. The university level education can be privatized but under the following conditions. All universities have to be given autonomy as far as syllabus and teaching methodology are concerned. The UK has a long history of distinguished institutions and there would be no lack of experience in cr eating quality syllabus and methodology. State funding can remain, but there is no harm in allowing privately owned universities in the country. Such institutions should be registered as not-for profit societies. Initiatives can be taken up by philanthropic and visionary businessmen. Such organizations will have a greater sense of responsibility than organizations formed for profit. To conclude, the researcher states that whatever the outcome be, education should have quality and should be affordable to everyone at least in the early periods.