Give an account of the social responsibility of businesses and list its four main theories

What will be an ideal response?

Businesses do not operate in a vacuum. Decisions made by businesses have far-reaching effects on society. In the past, many business decisions were based solely on a cost-benefit analysis and how they affected the bottom line. Such decisions, however, may cause negative externalities for others. Social responsibility requires corporations and businesses to act with awareness of the consequences and impact that their decisions will have on others. Thus, corporations and businesses are considered to owe some degree of responsibility for their actions. Four theories of the social responsibility of business are: maximize profits, moral minimum, stakeholder interest, and corporate citizenship.