Corporate Social Responsibility (CSR) has become an increasingly significant phenomenon in today's business environment. It is an inevitable and inescapable reality. The rationale for CSR is that business cannot succeed if there is no healthy society. The objective of this article is to help understand the concept of CSR, in various dimensions and evaluate the reasons for the fundamental shift from the ethical model of CSR to new paradigms. This article also focuses on the emerging paradigms of CSR. Finally, it highlights the significance of CSR.

Corporate Social Responsibility (CSR) is a term which is in vogue in today's business environment. It is responsiveness of business organization towards the society. CSR has been practiced for decades but is more heard of after the advent of globalization. It is the law which made even the harshest critics of CSR, who always emphasized that "business of business is business", (Friedman, M 1962) to accept social responsibility. Ethics in business gained momentum after globalization. Ethical business practices are no longer a private matter for the business firms because all these now need to be standardized. In this scenario, the concept of CSR has large target spectators.

There is a need for the companies to create awareness regarding the CSR. This article provides an overview of CSR followed by a critical review of the peer-reviewed and scholarly literature concerning CSR and examines the emerging paradigms of CSR. CSR is the responsibility of business organizations towards the society. The World Business Council on sustainable development has defined CSR as the commitment of business towards the economic development of society.

According to Canadian center of Philanthropy CSR is "a set of management practices that ensure the company minimizes the negative impacts of its operations on the society while maximizing its positive impacts.""CSR is the continuing commitment by the business to behave ethically and contribute to the economic development while improving the quality of life of workforce and their families as well as of the local community and society at large."

HRM Review Magazine, Corporate Social Responsibility, CSR, Business Environment, Corporate Strategy, Stakeholders, Non-Governmental Organizations, NGO, CSR Policy, Social Accounting, Human Resources, Risk Management, Corporate Social Audit, Corporate Ethics.