Question

explain any four reasons against social responsibility of a businessman

at least 7 points ​

Answer 1

Answer:

i) Violation of profit maximization objective - According to this argument, business exists only for profit maximization. Therefore, any talk of social responsibility is against this objective. In fact, business can best fulfill its social responsibility if it maximizes profits through increased efficiency and reduced costs.

(ii) Burden on consumers: It is argued that social responsibilities like pollution control and environmental protection are very costly and often require huge financial investments. Therefore ,businessmen are likely to simply shift this burden of social responsibility by charging higher prices from the consumers instead of bearing it themselves. (iii)

Lack of social skills: All social problems cannot be solved the way business problems are solved. In fact, businessmen do not have the necessary understanding and training to solve social problems. Therefore, according to this argument, social problems should be solved by other specialized agencies.

Lack of broad public support: Public in general does not like business involvement or interference in social programmes. Therefore, business cannot operate successfully because of lack of public confidence and cooperation in solving social problems

Explanation: