Final answer:
Corporate responsibility, a concept requiring corporations to consider their impact on stakeholders and society, is relatively new and increasingly backed by law. This reflects changes in attitudes towards corporate governance, ethical practices, and the power dynamic between corporations, society, and governments, especially with regard to new technologies and social issues.
Step-by-step explanation:
Corporate responsibility is a relatively new concept that has increasingly been imposed on corporations by law. The notion encompasses a corporation's obligations to various stakeholders including shareholders, employees, customers, and the wider community. Over time, the legal rights of corporations have been challenged with ethical expectations, leading to debates about their moral responsibilities. These debates are influenced by monumental Supreme Court rulings that have allowed corporations certain freedoms, like contributing to political campaigns or making religion-based decisions on employee healthcare provisions.
In the United States, the idea of corporate social responsibility has become more prominent as businesses have tried to balance the interests of various stakeholders. This evolution reflects changing perspectives on the role of government in regulating corporate behavior, with key laws and decisions marking shifts in attitudes toward workplace safety and more ethical practices. Examples include OSHA regulations which promote worker safety, and various laws that have been enacted to protect workers since the Industrial Revolution.
Corporations, especially large multinational entities, hold significant power over markets and, by extension, over social, economic, and environmental aspects. As a result, discussions on corporate responsibility nowadays extend to the adoption of ethical practices concerning new technologies and how corporations are to be held accountable for their impacts on broader societal issues.