Revolutionizing the World Through Social Responsibility Essay

Businesses wont be able to function in effect and efficiently without the help of the administration. plurality are having a hard time figuring out the role of businesses in line with the aftermaths of opposite s nookiedals and fiascos in the past. Friedman also wrote in his essay in 1972 The tender indebtedness of businesses is to generate money. After consultation a lot of Corporate Social Responsibility talks, this one line fairly caused a small-arm of confusion for me. Businesses sole purpose and objective is to generate money. Its implied.But whenever I hear Social Responsibility, I think of the words philanthropy and non- returns. But I think what Friedman meant in his essay is that in order for businesses to fully grasp their accessible responsibility in this economy is to first generate profit because thats a start. They wont be able to participate in this whole social responsibility thing if they dont have partake capital. Businesses are buildd to do several range s of things. basic is to deliver superior value. They should help in the repair of dam eldd status quo.Second is to be careful of their social impact. Businesses should use themselves to influence and promote social responsibility. Lastly, they should create and uphold new equilibrium. In this age wherein inequality is very rampant, businesses should initiate change and promote equality in their system then to the society. Businesses should create world changing impact. Its what we need. In order for this to take place, there should be a cross section collaboration between the government & business and philanthropy & non-profit.People should stop placing all the work to the sequestered sectors can solve our problems and blaming them if they wont be able to address the peoples problems. The vocaliser mentioned something about forces that can place new movement in the supply chain. First is impact investment funds wherein capitalists create social benefit and drive economic retur n. One example is the disruptive model of a business called Zipcar. Zipcar encourages people to share a car, thus, taking cars off the road rather than putting more(prenominal) cars on the road which is better for the renter, sharer and most importantly, to the planet.Impact investing later on flows to demand. Businesses drive meaning & money and profit & purpose in order for them to generate profit and impact. The government plays a very vital role on the impact economy. It creates rules of the road in which firms can succeed. In which investors and entrepreneurs can thrive. The speaker enumerated four main functions of the government in order for them to participate fully in the impact economy. First, the government encourages standards. These standards help in the facilitation of common metrics.Global Impact Investing Reporting Standards (GIIRS) is one example. GIIRS try firms performances to determine the social good that the business creates. Second, the government helps faci litate access. They help small and large businesses to consume entrance in the economy. Third, the government creates incentives. These incentives are powerful because they encourage people to be part of purpose-driven businesses. Lastly, it erects guardrails to cling to the interest of the public. After watching this, it made me aware of the important roles played by businesses and the government.True enough. Businesses wouldnt function well without the help of the government and vice versa. Collaboration between them should be fully applied. The government creates conditions in which businesses could succeed. Businesses help balance the economy with its clarification of the market with the mix of incentives. If these two function effectively together, impact economy can change our lives for the better. written by Pamela Jessica V. Zaragoza Revolutionizing the World Through Social Responsibility Speaker Jonathan Greenblatt