Reflecting on Business in Society example

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Reflecting on Business in Society

Abstract

Current relations between businesses and society are marked by the efforts of policy-makers and public institutions to make for-profit organizations more oriented towards the interests and needs of the community. They emphasize the role of governmental regulations that specify the responsibilities of enterprises. Much attention is also given to consumer protection legislation that is supposed to shield buyers against potential risks or at least help them to receive reimbursement for their losses. Moreover, it is important to consider the growing concern about environmental problems some of which can be attributed to the work of companies. Overall, the strategies of public institutions are mostly based on the idea that companies do not exist in isolation from the society. Furthermore, in some cases, enterprises may fail to perform the duties that they owe to various stakeholders such as customers, employees, investors, and so forth. In their turn, policy-makers strive to take various precautions that can minimize the likelihood of such events. To a great extent, such efforts have significantly increased the accountability of businesses to society.

Reflecting on Business in Society

This paper will analyze the way in which the relations between business and society currently evolve. Much attention should be paid to such areas as government regulations, consumer protection laws, the rights
of buyers, and the growing concern about environmental problems. It is important to discuss how these factors influence the interactions between companies and the public. Overall, the general trend is that businesses
have to become more accountable to the society; in particular, these organizations are no longer able to focus only on the maximization of their revenues; they are also impelled to recognize and respect the interests of
the wider community.

Governmental regulations can be regarded as the major force affecting the relations between enterprises and society; in particular, the norms established by the state make these for-profit organizations accept and
fulfill certain ethical duties that they owe to various stakeholders such as clients, investors, employees, community residents, and so forth. For instance, businesses are required to focus on such issues as the rights of
workers, taxation, financial reporting, or manufacturing standards (Hamilton & Webster, 2015). To a great extent, governmental regulations can be viewed as the attempts to set rules that should be followed by firms. They are supposed to attain various objectives; for instance, state institutions define and enforce various standards of financial disclosure that should be met by businesses (Hamilton & Webster, 2015). In this way, policy-makers attempt to …

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