What is Corporate Social Responsibility (CSR)?

[@ManagementCourses]

This video kicks off a new, short course on Corporate Social Responsibility, CSR. In today's world, it is more important than ever that corporations and other organizations act like good global citizens. Many don't. But many aim to. Join me on this short, but crucial, exploration of CSR.

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[@urbanlegendsandtrivia2023]

My personal opinion is that it has become sort of trendy for some business analysts to demonize Milton Friedman in 2024. I think his statement has been misinterpreted and was referring to "The Spirit of Capitalism" in much the same way "The Spirit of Golf" has been invoked in that sport. Friedman was an early champion of gay rights and immigration causes in America as well.

[@ManagementCourses]

I've not heard the term "The Spirit of Capitalism" (nor "The Spirit of Golf"). And I wasn't aware of Friedman's own social priorities. So, this is a valuable input into Friedman as a man aghead of his time on social policy!

[@urbanlegendsandtrivia2023]

@@ManagementCourses Do you think a company governing itself is sort of like the proverbial fox guarding the henhouse though? I love how in the Enron movies from 2003 and 2005 the fact that Arthur Andersen was in Enron's back pocket. The accounting practices and shredding evidence were scandalous, so both firms eventually went bankrupt.

[@ManagementCourses]

@@urbanlegendsandtrivia2023Companies need to govern themselves. They need internal governance structures as a first or second (after integrity) line of defense. But they also need external scrutiny (like auditors). And, of course, the auditors need both internal governance and external scrutiny.