1. Role of business in society
If society grants a business the "license" to operate (representing one side of the contract), the business must then "follow the rules" and act within accepted business norms, including regulations and societal expectations (the other side of the contract). ... The new contract represents the idea that business has "an obligation to work for social as well as economic betterment." [20] This idea was expressed by the Committee for Economic Development as follows: [21] Today it is clear that the terms of the contract between society and business are, in fact, changing in substantial and imp...
- Word Count: 2501
- Approx Pages: 10
- Grade Level: Undergraduate