Moreover, it is claimed that not prioritizing the interests of the shareholders is immoral and veers away from the very reason of the inception of an organization (Kotler amp. Zaltman, 1971). In this sense, business transactions, whether it is an exchange of goods or services, is an exchange for money (Kotler amp. Zaltman, 1971). However, some radical changes have happened during the second half of the 20th century. Two of the most important changes for this period are globalization and the rapid developments in the field of computer and information technology (Soros, 2002. Calder amp. Watkins, 2007). Although globalization has acquired various meanings (Soros, 2002), generally it is understood as referring to economic policies embraced by nation-states. In this regard, globalization is the removal of economic trade barriers via the elimination of tariff to allow freer movements of goods, services, capital, people and even culture (Balakrishnan, 2003: Fischer, 2003: Peet, 2004. Suarez-Orozco amp. Qin-Hilliard, 2004). Likewise, in globalization, as nation-states open their market economy to other nations, it necessitates the carrying out of neo-liberal policies, lesser governmental intervention in the market and free-market (Killion, 2003. Malanczuk, 1997. Helleiner, 2003). While these changes are happening in the economic front, rapid developments in computer and information technology have paved for ease of access to information, a more sophisticated but easier way of gathering, processing and keeping data. Although there may be other factors influencing change like social movements during the 1970s (Mirvis, 1994), human crisis (Marshall, 2007) and other concerns, it cannot be denied that globalization and developments in the computer and information technology are two of the most important changes, which contributed to the paradigm shift in the business world.Corporate social responsibility has altered the face of contemporary business organizations – the paradigm shift that has happened to the corporate world. In light of this fundamental change, this paper will look into corporate social responsibility and will undertake a critical analysis corporate social responsibility in theory and in action.
Corporate Social Responsibility and Social Entrepreneurship