Using newspapers, magazines and other business references, identify and describe at least three companies that you think are socially responsible and three that you think are socially irresponsible.
Social responsibility of business is broadly divided into four categories: economic, legal, ethical, and discretionary. Using these categories, companies can be identified and described as follows:
Socially Responsible Companies: Firstly, companies fulfilling economic responsibility are socially responsible as they produce goods society wants and sell them at a profit. Secondly, companies adhering to legal responsibility operate within the laws of the land, serving the good of society. Thirdly, companies observing ethical responsibility respect religious sentiments and people's dignity. Finally, companies undertaking discretionary responsibility engage in voluntary actions like contributing to the Swachh Bharat Abhiyan, supporting Skill India, or aiding people during floods and earthquakes.
Socially Irresponsible Companies: Conversely, socially irresponsible companies fail to meet these obligations. They may violate legal responsibility by not abiding by the laws. They might act unethically by disregarding societal expectations, such as disrespecting the dignity of people. Additionally, companies that undertake speculative activity rather than safeguarding capital investment fail to protect the interests of stakeholders.
Explanation
The provided context outlines the four kinds of social responsibility (Economic, Legal, Ethical, Discretionary) and provides specific examples of discretionary initiatives (Swachh Bharat Abhiyan, Skill India, etc.) in the 'Hint' section. Since the text does not list specific company names (e.g., Tata or Enron), the answer constructs the description of 'companies' by applying the definitions and examples provided in the text (6.4 Kinds of Social Responsibility). A student would use these definitions to classify companies generally or apply them to examples found in external references (newspapers/magazines) as the question instructs, but here the answer is derived strictly from the textbook definitions provided.
Solution Steps
Step 1: Identify the four kinds of social responsibility from the text: Economic, Legal, Ethical, and Discretionary.
Step 2: Define socially responsible companies using these four categories (e.g., producing wanted goods, abiding by laws, respecting sentiments).
Step 3: Incorporate the specific examples from the 'Hint' section (Swachh Bharat Abhiyan, Skill India) as markers of discretionary responsibility.
Step 4: Define socially irresponsible companies by negating these responsibilities (violating laws, unethical behavior, speculative activity).
Step 5: Structure the answer into paragraphs distinguishing between responsible and irresponsible behaviors as per the text.