Corporate social responsibilty (CSR) is a practice where for-profit entities partner up with nonprofit and government agencies to meet the demands of individuals or a community. There are different types of CSR; one is a type that is embedded in a corporation’s genetic code and operations. An example of this type is apparent in corporations like Johnson & Johnson or Starbucks where they feel obligated to give back to the community and have practiced CSR since beginning operations. Recently, the Great Recession has questioned the ability for corporations’ to participate in CSR. Studies have shown that consumers are drawn to and are more likey to support companies based on their CSR practices.
Corporate Social Responsibility is a broad term that takes into account everyone who is involved with the corporation. This includes not only shareholders, but other stakeholders such as consumers, workers, vendors, etc. Philanthropy is only a small part of corporate social responsibility. In fact, many companies, such as Nike, will donate money to charities to make themselves look good, but will be treating the workers who make their shoes horribly. Thus, it is a good idea to look for Fair Trade certified products while you are shopping instead of just taking the corporations at their word.
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