Role of Corporate Social Responsibility (CSR) in Sustainable Economic Development in an Era of Globalization (original) (raw)

Corporate Social Responsibility in recent years is playing a pivotal role for bringing all kinds of development including social and economic and helping in the sustainable growth. CSR means the way in which business firms integrates environmental, economic and social concerns into their culture, values, strategy, decision making and operation in an acceptable and transparent manner, therefore leading to better creation of wealth, better standard of living, better practices in business organization. In an era of globalization the role of corporate social responsibility has widened drastically. The main crux of this research paper is to find out the emerging role of corporate social responsibility in sustainable economic development as well as social development. The findings of the paper suggest that corporate social responsibility is responsible for economic development provided the stakeholders show mutual respect for each other. The methods that have been adopted for reaching to the conclusion are deductive in nature and character. The sources used for collecting data include books, magazines, journals, periodicals and publications by government agencies, newspapers. The outcome of the paper if applied properly will definitely help in bringing economic prosperity on sustainable basis.

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