The dilemma of focus on whether making profits or corporate social responsibilities has sparked a subject of considerable debate. While some argue that financial success has a profound role for a thriving economy, others insist that businesses should contribute to national development. I personally lean towards to profit-driven approach due to its long-term benefits.
On the one hand, one of the main arguments in favor of profit-making view is that it leads to sustainability, economic growth and community development in the long run. Companies that prioritize getting a profit can reinvest in innovation and research, expand their operations and create more job opportunities. To cite an example, Apple focus on generate continuously developing cutting-edge technological products which make it dominant in technology industry. Moreover, in terms of financial budget of country the former view is more approachable. Thriving businesses can contribute to tax and employment, fostering development of national budget.
On the other hand, the proponents of prioritizing social responsibilities believe that it clearly demonstrates its effectiveness. They argue that businesses have an obligation to contribute to the welfare of society. Large established organizations like Tesla, Pataniago donate the percentage of their profit to society which leads to burgeoning economy, the backbone of a country. Furthermore, taking into the welfare of society is beneficial for not only for economy, but also brand reputation and customer loyalty. It attracts ethical investors and conscious consumers to company.
In conclusion, although both viewpoints have their own strengths, I firmly believe that maximizing profit is more advantageous approach. While businesses are supposed to integrate ethical practices into their strategy, getting a profit has an undeniable impact on the country’s economic stability. A combination of maximizing profit and CSR may lead to more beneficial.