In recent times, business at the corporate level has seen a substantial tilt towards the societal responsibilities and the urge and necessity of being perceived as a good corporate citizen involved in sustainable, responsible business practices. This article endeavors to understand the wide spectrum of the still evolving concept and approaches towards Corporate Social Responsibility (CSR). At the same time, it also tries to analyze the new thinking, which believes that what Milton Friedman thought about its non-relevance is not relevant in the present times of global economy and that CSR and the core economic profit-oriented goals are not contradictory; they more or less compliment each other. It is established that CSR programs are not reckless and illogical but are implicit business models, which minimize risk and maximize opportunities leading to long-term rewards and benefits.

It is very interesting to note as to how Corporate Social Respon sibility (CSR) has, in recent times, generated so much debate and interest with the rise in the popularity of ethical consumerism. What Jeffrey Hollender, the eminent Management Consultant, has expressed in the above quote, very correctly explains the path most of the global corporations have begun to deliberately embrace as part of a smart business strategy.

Though CSR may look intriguing to traditional business minds, as even the famous Noble Laureate in Economics, Milton Friedman, once stated that the sole aim of a business is and should be the maximization of shareholder's value. Social missions, according to him, are the responsibility of individuals, social organizations and governments.

While it remains a fact that the aim of business is to maximize the shareholders' value but the rest of what Friedman says, has been turned on its head in these times, with CSR becoming a catalyst for the growth of a corporation.

To understand the so-called intrigue, lets first understand in simple terms, as to what CSR means. CSR, commonly also known as Corporate Citizenship, Corporate Responsibility or Corporate Responsible Business is a form of self-regulation and social commitment being imbibed into the Corporate Business Model.

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