Gone are the Days of Corporate Social Responsibility; These are the Days of Corporate Responsibility

Abstract

Although the concepts of corporate governance have been with us for a long time, the actual implementation of it by the large corporations still provokes controversy. This concept may have to be supplemented and re-enforced by the concept of corporate responsibility, and this latter concept is not only broader than the first one, but it also entails a high degree of ethics on the part of large corporations in carrying out their business. This article examines briefly the shortcomings of the concepts of corporate governance and corporate social responsibility and attempts to justify the application of the concept of corporate responsibility by large corporations.