The Social Responsibilities of Enterprises

Abstract

In recent decades, the idea that the business world has responsibilities towards society has gained significant popularity. In the United States, this theory emerged in response to the widespread abuses that occurred during the period of rapid economic growth beginning at the end of the 19th century. The widely accepted necessity for businesses to pursue goals that are “good” from the perspective of society as a whole, however, has paved the way for various forms of manipulation. Global tech giants are becoming the guardians of “truth,” which they themselves determine, while financial institutions grant loans based on criteria that their managements deem appropriate. In such an environment, authorities often favor a selected private sector. In opposing situations, however, the question arises whether the world is not heading toward – similar to what we experienced in the “former era” – the domination of the “social interest” of elites over the interest of the individual?