"Socio Economic View: Going beyond ProfitsThe primary aspect of this view is that the corporates have social responsibilitieswhich go beyond the ones advocated by Friedman as he took quite a narrow scopeof obligations of the firm.The following are some of the common ethical obligations of the firm which havebeen identified (Schwartz, 2005):1. Universal ethical values like ? honesty, uprightness, trustworthiness? responsibility, fix mistakes and apologize? Caring for society and public at large? Citizenship- follow the law, assist society and conserve theenvironment;2. Utilitarianism- initiatives for a greater good;3. Non exploitation of the society;4. Moral Rights- To consider other people as well i.e. apart from thestakeholders; and5. Unbiased decision making- distributive justice i.e. distribution of thebenefits among the people.From the above, it can be understood that this view advocates that corporates havean obligation to endeavor to keep such ethical values or principles in vision whilePAGE 8 they pursue mission driven goals including a sufficient profit margin. In addition,it says that the firm should adopt the philanthropic endeavors even if thattranslates into a little sacrifice of their profits.Further, this perspective views the markets to be fragilein comparison to that ofculture and society. This is to say that markets can be moral until they aresupported and sustained by the social arrangements they emerge from (Fourcade& Healy, 2007).In other words, in a capitalist economy, the market flourishes givencertain political, institutional or cultural contexts only. Therefore, it advocates thefirms to adopt the CSR since it is of the view that devoid of society the businesswould cease to exist. Thus, to keep the business running they need to cater to thesocial problems as well. PAGE 9 ARGUMENTS IN FAVORRules of the game has changedThe rules of the game have been changed long since Friedman advocated beingwithin the rules of the game. The payment of taxes by the firms is no longerconsidered to be sufficient when compared to the damage they cause to theenvironment, for example pollution, soil erosion, water contamination etc.Thus, the pressure for corporate accountability is increasing in terms of financial,legal, moral and social aspects(Waddock, 2004). Further, even in times ofliberalization, there is an upsurge in government restrictions concerning the firms’social conduct.Desire of shareholders beyond profitIt can be seen in today’s world that the stakeholders go beyond the profit motivewhile doing business and acknowledge their responsibility towards the society.This is reflected in the way soft law approaches are influencing the corporatepolicies(Kirkton & Trebilcock, 2004) and initiatives like Global Reporting Initiativeetc.Further, it is the responsibility of the shareholders to look after the damages thathave been made by the firm they own.PAGE 10 "