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Journal of Management Research and Analysis


New Paradigm of CSR for the Global Economy


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Author Details: Thankachan Jose Kaitharath

Volume : 2

Issue : 3

Online ISSN : 2394-2770

Print ISSN : 2394-2762

Article First Page : 231

Article End Page : 237


Abstract

Corporate Social Responsibility and Sustainable Development are the economics concepts which are defined from various angles very often. The corporate houses which are dreaming about sustainable future have already accepted corporate social responsibility as a core of business objective. Corporate Social Responsibility is a buzz word in modern businesses. In general, however, fulfilling their social responsibility is treated as a way to achieve sustainable development goals. The public concern about private corporations should not only earn reasonable profits and provide justifiable returns to shareholders, but also operate as better corporate citizens. The Socially responsible organizations have spread to the largest Transnational Corporations (TNCs) and seems to have been implemented by companies in almost all the type of countries, whether it is free market or socialistic. Defining Corporate Social Responsibility, Sustainable Business and Globalization, the paper tries to explain the relation between CSR and SD in a global context from a business perspective.

Pointing out the steps to be adopted for sustainable development, the paper also narrates briefly the McKinsey Corporation Survey of Global Business Executives on Managing Social Responsibility.
 
Keywords: CSR, SD, Globalization, Sustainable Business, McKinsey Corporation