Question

According to Joseph F. Keefe, which of the following is true of the major trends behind the corporate social responsibility phenomenon?

Companies easily conceal whatever they do (good or ill) as it will not be known at all.

Globalization represents a new stage of capitalist development, this time with public institutions in place to protect society by balancing private corporate interests against broader public interests.

Corporations are under increasing pressure from diverse stakeholder constituencies to demonstrate that business plans and strategies are environmentally sound and contribute to sustainable development.

In the United States and other developed nations, citizens have the complete confidence in the public sector as the best and most appropriate venue for addressing a growing list of social problems.

Answer 1

Joseph F. Keefe highlights the increasing pressure on corporations to adopt socially responsible practices, reflecting stakeholder demands for environmental sustainability and contributing to the global economy. CSR involves balancing private corporate interests with public interests, and corporations are expected to demonstrate moral responsibilities toward various societal stakeholders.

Step-by-step explanation:

According to Joseph F. Keefe, the major trends behind the corporate social responsibility (CSR) phenomenon indicate that corporations are under increasing pressure to be socially responsible. This pressure comes from diverse stakeholder groups that demand business plans and strategies to not only be financially viable, but also environmentally sound and contributing towards sustainable development. These trends include considerations of how globalization affects local economies and communities, corporate expansion of legal rights, and the need for balancing economic growth with environmental stewardship.

The notion of CSR is underpinned by the understanding that the rights and actions of corporations are intertwined with individual rights and the wider community. Governments and public institutions are seen as necessary to moderate and balance private corporate interests against broader public interests. The shift towards industrial corporate entities has significantly impacted the global economy, political platforms, social institutions, and the environment, necessitating a responsible corporate approach to these changes.

Furthermore, the emergence of global protests against corporations indicates a rising concern for globalization’s impact on local societies. These protests and the subsequent political controversies in developed nations like the United States reflect the need for a reassessment of corporate practices and their implications for societal well-being. Advocates for CSR argue that it is essential for corporations to uphold moral responsibilities towards shareholders, employees, customers, and the community at large, as well as contribute positively to global governance through initiatives like the United Nations Global Compact.