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SUFFICIENCY ECONOMY PRINCIPLES
CORPORATE SOCIAL RESPONSIBILITY
Corporate social responsibility or “CSR” provides a decision-making framework for all
businesses that finds a mean between excessive state regulation and destructive individual
CSR accepts as legitimate the autonomy of private property and free markets but it
provides private sector decision-makers with guidance as to optimal strategies for sustainable
CSR provides a theory of the business firm that takes into account the contributions
of customers, employees, owners, creditors, suppliers, and the community, including the
environment. CSR confronts the externalities of a private business, which are benefits and costs
to others, and seeks to have the benefits maximized and the costs minimized through responsible
decision-making on the part of the firm.
CSR is a principled approach to business decision-making. One wellknow set of such ethical
principles for business is the following:
Business provides value to society through the wealth and employment it creates and the
marketable products and services it provides to consumers.
A responsible business therefore maintains its economic health and viability to sustain its
value not just for shareholders, but also for other stakeholders, recognizing that its own
survival is not the sole objective of responsible enterprise.
A responsible business also respects the interests of, and acts with honesty and fairness
towards, its customers, employees, suppliers, competitors, and the broader community to
ensure their economic viability.
Business cannot sustainably prosper in societies that are failing.
A responsible business therefore contributes to the economic and social and environmental
development of the communities in which it operates, in order to sustain its essential
‘operating’ capital – social, human, financial and all forms of goodwill.