4. How do the three models of corporate social responsibility consider economic responsibility?
Do these models agree on economic concerns as a priority of CSR? What is the answer?
Answer (1)
The three models of Corporate Social Responsibility —the Economic Model, the Stakeholder Model, and the Triple Bottom Line Model—each view economic responsibility differently. The Economic Model sees profit maximization as the primary duty of a business, emphasizing that companies fulfill their social responsibility by generating wealth and jobs. The Stakeholder Model balances economic goals with the interests of employees, customers, and the community, recognizing that long-term profitability depends on ethical and sustainable practices. The Triple Bottom Line Model expands CSR beyond profits, prioritizing people, planet, and profit, meaning economic success must align with social and environmental responsibility. While all models acknowledge economic responsibility, they differ in priority, with some viewing it as the main focus while others integrate it with broader ethical considerations.
