What is the business of business? Does/Should the business of business include social responsibility? Is an...

What is the business of business? Does/Should the business of business include social responsibility? Is an altruistic social business possible? What do you think?

Expert Solution

Business of business is to maximize the profit for its shareholders. It has been argued that business of business is always about making profits and it is not about social responsibilities and social benefits because the profit should be returned to the firm owners as they are the rightful owners of those profits and if they deem fit, then only those profits can be put to charitable use.

Business of business does include social responsibilities but it does not include distribution of profits to the society as a whole because it believes that the profits belongs to the shareholders and shareholders are the only appropriate authority to decide whether to spend that profit on the social causes or not.

Altruisticsocial business is never possible because business is after all about making profits and it cannot be continued for others benefits but, there are not for profit organisations, who are social in nature and they obtain donations in order to conduct their business but a business man will not make his business primarily social business because it does not involve with profit

jeff jeffy answered 1 year ago

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