With the social evolution including technology, attitudes, and behaviors, adaptation is required on the basis of evolution as previously mentioned. As things evolve, the rules of the game Friedman mentioned evolve as well. Friedman`s opinion on the matter is ‘conforming to…those embodied in law and those embodied in ethical custom’. Though lawful obligations to be adhered by companies are identified onto Carroll`s legal responsibility dimension of CSR, business practices may need to adapt to the...
With the social evolution including technology, attitudes, and behaviors, adaptation is required on the basis of evolution as previously mentioned. As things evolve, the rules of the game Friedman mentioned evolve as well. Friedman`s opinion on the matter is ‘conforming to…those embodied in law and those embodied in ethical custom’. Though lawful obligations to be adhered by companies are identified onto Carroll`s legal responsibility dimension of CSR, business practices may need to adapt to the evolution of the rules of the game which may require different approaches and actions specifically towards ethical customs. However, one economic constant is the law of supply and demand, which is producing and providing the goods and services consumers want and need. It is an economic responsibility, but demand has now included the context of processes and distribution of the product (ref). The rules of the game have changed and is arguably moving towards a view of the business corporation as an economic institution which has a social service as well as the profit-making function, which companies need to adapt to, for market failure and bankruptcy can triumph due to losses from the competitive free market. It is no longer the survival of the fittest and strongest in the market, but of the best fit for the environment.
