List and discuss three arguments in favor of business social responsibility and five arguments against it

What will be an ideal response?

Answer:
Arguments in favor of business social responsibility include:
a. Public expectations - Public opinion now supports businesses pursuing economic and social goals.
b. Long-run profits - Socially responsible companies tend to have more secure long-run profits.
c. Ethical obligation - Businesses should be socially responsible because responsible actions are the right thing to do.
d. Public image - Businesses can create a favorable public image by pursuing social goals.
e. Better environment - Business involvement can help solve difficult social problems.
f. Discouragement of further governmental regulation - By becoming socially responsible, businesses can expect less government regulation.
g. Balance of responsibility and power - Businesses have a lot of power and an equally large amount of responsibility is needed to balance against that power.
h. Stockholder interests - Social responsibility will improve a business's stock price in the long run.
i. Possession of resources - Businesses have the resources to support public and charitable projects that need assistance.
j. Superiority of prevention over cures - Businesses should address social problems before they become serious and costly to correct.
Arguments against business social responsibility include:
a. Violation of profit maximization - Business is being socially responsible only when it pursues its economic interests.
b. Dilution of purpose - Pursuing social goals dilutes business's primary purpose of achieving economic productivity.
c. Costs - Many social responsibility actions do not cover their costs and someone must pay those costs.
d. Too much power - Businesses have a lot of power already and if they pursue social goals they will have even more power.
e. Lack of skills - Business leaders lack the necessary skills to address social issues.
f. Lack of accountability - There are no direct lines of accountability for social actions.