Write about the following topic.
As well as making money, businesses also have social responsibilities. To what extent do you agree or disagree?
Give reasons for your answer and include any relevant examples from your own knowledge or experience
It is often debated whether businesses have social obligations or not. Some believe business executives should only focus on monetary gain while others think that they should also contribute to the betterment of the society. I am of the opinion that corporations must participate in the progress of society. I believe so primarily because they are morally obliged to do so and also because they have the power to bring social change.
Businesses earn from the society and thus have the duty to give back to the community. Every profession contributes in some way to the society and businesses should be no different. For instance, in our community, hospitals regularly organise health camps and educations provide education to underprivileged kids. On a similar note, it should not be unrealistic to expect businessmen to be involved in service of the local community.
Further, financial corporations should help the community because they have the economic wherewithal as well as the political clout to do so. Bill and Malinda Gates, for instance, have contributed an appreciable proportion of their fortune to support the cause of helping poor families in Africa. Additionally, it is an open secret that business conglomerates have a significant influence on politicians, whose political campaigns they fund. So, it is only fair that they should use their lobbying power to bring positive changes in the society. Therefore, the political and monetary might of businesses should be utilised for benifit of the nation.
To summarise, I believe that businesses can be instrumental in achieving the goal of a prosperous society given that fact that they are in the position to have a significant impact both politically and financially. Hence, every business, whether small or large, must fulfil their social responsibilities.