The changing scope of corporate social responsibility: paradyms of immoral capitalism on the environment
International Journal of Development Research
The changing scope of corporate social responsibility: paradyms of immoral capitalism on the environment
Received 24th May, 2017; Received in revised form 15th June, 2017; Accepted 23rd July, 2017; Published online 30th August, 2017
Copyright ©2017, Dr. Kathleen Okafor. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Industrial and digital revolutions have transformed economies and created vast wealth for the world economy with the result that most of the companies involved in the globalised heritage have become politically powerful. However, pollution, labour challenges, exploitation of natural resources, environmental degradation, serious climate change issues, displaced communities, abuse of human rights have characterised capitalistic endeavours. This paper shows a general consensus that the ends and means of development must involve all stakeholders in shaping their respective destiniesso as to strengthen and safeguard society particularly the environment. Consequently, theparadym is no longer about companies integratingsocial responsibility precepts and better environmental practices in their business models on a voluntary basis but that of mandatory minimum legal obligations of companies towards society, the environment and other stakeholders. So many questions arise:Are states complying with the norms and laws.Do the systems processes provide for remedies?What level of corporate profit is required to ensure long-term business success? Can a company optimise profits, for shareholders so atavistically and immorally as to decrease its capability to influence and manage other stakeholders? Can companies improve their performance economically and financially by undertaking their core business in a manner that conforms with impact on the broader society.In short, is there morality in naked capitalism?