The managment of corporate social responsibility in developing Essay

The managment of corporate social responsibility in developing economies - Essay Example It is also seen that in the developing economies, monitory power is concentrated in the few industrial and corporate houses, which constitute the core area in the development. Yet another major feature of the economy is that it has emerging market with vast potential, which attracts lots of foreign investments and multinationals with their numerous products. It is a fact that government alone cannot be responsible for the socio economic development of its population. Though it provides the basic guiding principles and policy parameters of development process in the various core areas, people must also take up the cudgels to get involved into the process along with the government, if the country is to achieve the distinction of sustainable development that percolates down to the people living at poverty line. Hence, according to social scientists and economists, the corporate houses including the multinationals, must get involved in exercising their social responsibility with right earnest and contribute towards the all round development of the nation, especially the underprivileged segment of the society and the underdeveloped region which may even lack the basic infrastructural facilities. Corporate social responsibility (CSR) is a relatively new concept that is becoming increasing more popular among the multinationals and big corporate houses which have significant presence in a developing countries or are intending to enter the emerging market of developing economies. ‘The relationship between companies and civil society organizations has moved on from paternalistic philanthropy to a re-examination of the roles, rights and responsibilities of business in society. Corporate Social Responsibility (CSR), defined in terms of the responsiveness of businesses to stakeholders’ legal, ethical, social and environmental expectations, is one outcome of these developments’ (UNIDO, 2002). The last few years have seen rising cases of CSR in the socially