Summary Chapter 1: The Relationship between Business and Society
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Course
BADM 460 (BADM460)
Institution
Capilano University (CapU
)
Book
Canadian Business
Summary of Chapter 1: The Relationship between Business and Society
Objectives:
1. Describe the complexity of the interrelationships between business and society.
2. Define the terminology relating to the integrity of business.
3. Differentiate between the three main approaches to ethical thin...
Chapter 1: the relationship between business and society
October 10, 2019
9
2019/2020
Summary
Subjects
csr
business
corporate
corporation
ethics
ethical behaviour
justice
fiduciary duty
responsibility
integrity
transparency
society
accountability
stakeholders
corporate social responsibility
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Business Administration
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Ch 1: Relationship Between Business & Society
- Describe the complexity of the interrelationships between business &
society
- Define the terminology relating to the integrity of business
- Differentiate between the 3 main approaches to ethical thinking
- Provide brief description of the Canadian business system
- Explain role of the corporation as main economic institution in the business
system
- Recognize business operates with the consent of society
- Summarize factors that influence society’s attitudes toward business that
lead to criticism of the system
- Identify the 3 stakeholders mainly responsible for Canadian businesses
operation
- Understand the relationship between business & academic integrity
- Describe integration of business & society
Complexity of Business & Society
- Involves studying the history & background of the Canadian business
system & examining the contemporary issues confronting business
- Canadian society comprises many institutitions & groups that interact,
including gov’ts, labour unions, minority groups, environmentalists,
consumers, communications media, business organizations & variety of
interest groups or non-governmental organizations
- All have important role to play & influence business decision making
- A shift has occurred in what society believes business responsibilities
should be, & many corporations are recognizing they must respond to this
to survive & continue to be profitable
- As a result, corporations are considering in their relationship to society:
- Corporations should meet humanity’s needs without harming future
generations
- Social responsibility or corporate sustainability reports published should
move beyond the PR exercises they may have been in the past
- Increasing numbers of stakeholders are demanding corporations account
for more than economic responsibilities
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