. Social responsibility is an ethical framework which suggests that an entity, be it an organization or individual, has an obligation to act for the benefit of society at large. Social responsibility is a duty every individual has to perform so as to maintain a balance between the economy and the ecosystems. A trade-off may[citation needed] exist between economic development, in the material sense, and the welfare of the society and environment. Social responsibility means sustaining the equilibrium between the two. It pertains not only to business organizations but also to everyone whose any action impacts the environment.[1] This responsibility can be passive, by avoiding engaging in socially harmful acts, or active, by performing activities that directly advance social goals.
Businesses can use ethical decision making to secure their businesses by
making decisions that allow for government agencies to minimize their
involvement with the corporation.[2]
For instance if a company follows the United States
Environmental Protection Agency (EPA) guidelines for emissions on dangerous
pollutants and even goes an extra step to get involved in the community and
address those concerns that the public might have; they would be less likely to
have the EPA investigate them for environmental concerns.[3]
“A significant element of current thinking about privacy, however, stresses
"self-regulation" rather than market or government mechanisms for
protecting personal information”.[4]
According to some experts, most rules and regulations are formed due to public
outcry, which threatens profit maximization and therefore the well-being of the
shareholder, and that if there is not outcry there often will be limited
regulation.[