Final answer:
The obligation of managers to protect interests of groups other than themselves is known as social responsibility. It includes adhering to a code of ethics that guides behavior towards the welfare of society and the environment, reflecting the interconnection between individual actions, civil liberties, and social justice.
Step-by-step explanation:
The implied, enforced, or felt obligation of managers, acting in their official capacities, to serve or protect the interests of groups other than themselves, is known as social responsibility. This concept involves businesses and professionals going beyond their financial and operational objectives to consider the impact their decisions have on the society and the environment. The enactment of a code of ethics is one manifestation of this responsibility, guiding behavior towards ethical and socially beneficial outcomes. Furthermore, community responsibilities include cooperation, respect, and participation. These responsibilities reflect an understanding that a person's actions can affect others within the community, linking to a broader discourse on civil liberties and social justice.
Corporate entities and professional organizations, such as the IEEE, underscore this responsibility by creating specific codes of ethics that their members must adhere to, which include addressing issues of environmental conservation, privacy, and human welfare. These codes not only lay out rules for compliance but also embrace a larger view that aligns with moral theories and political debate on social justice and the role of businesses in society.