The Role of Corporate Social Responsibility (CSR) in the New Economy

Abstract

The idea of corporate social responsibility has come to be accepted as one of the major components of business growth and sustainability. The success in the new economy comes with various challenges. Those challenges require business and their managers to think beyond traditional way of looking for short-term goals. It requires business and the people inside these behemoths to embrace a much broader perspective that is also inclusive of stakeholders.

The nature of society we are living in has changed. The nature of governance has equally changed since people are now enjoying more freedom within each societal democratic tenet. This freedom has found its way in the business and into the factories. The performance of the new economy is therefore pegged on the three pillars namely; economic, environment, and social. Additionally, issues concerning human rights at the work place, child labor are also considered.