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Unformatted text preview: IIIri the long run, those
who do not use. power in a manner which society
considers responsible wili tend to lose it.“ Charity Principle: Bu
shouid give Volunan aid to society’s
needy persons and groups. The Stewardship Printiple: Business must act as a public trustee I. Has oon Ji'oili'i 'r as Primary inuuluement Secondary inunlnemenl W0 Tertiarg inuuluement Arguments for Corporate Social Responsibility: - Business must balance power with responsibilityI or lose the power
[iron law}. ' Avoid government regulation.
- Promote long-term proﬁts. - To maintain andfor improve reputation: building trust and loyalty
among customers.employees. and other stakeholders. ' To compensate society for harms. Arguments Against Corporate Social Responsibility:
' Lowers economic efficiency and proﬁts. - lmposes unequal costs among competitors. ' Requires expertise that business may lack. ' Only individuals. not collectives like corporations. can have
responsibility. Balancing Economic, Legal, and Social
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- Fall '09