Corporate Social Responsibility: A Very Short Introduction by Jeremy Moon

Author:Jeremy Moon
Language: eng
Format: epub
ISBN: 9780199671816
Publisher: OUP Oxford
Published: 2014-09-27T04:00:00+00:00

Chapter 4

The socialization of markets

Unless there is a clear business case for CSR, firms will have fewer incentives to act responsibly.

David Vogel, Professor of Business Ethics (2005)

This chapter and Chapter 5 are both concerned with how and why CSR has become more institutionalized. This chapter is concerned with the ways in which CSR features in some markets, thereby shaping a ‘business case’ for CSR. This is because markets have become increasingly socialized as non-economic—i.e. social, environmental, governance—criteria feature more often in market transactions. As companies both respond to and reinforce this trend, they consolidate CSR as part of ‘business as usual’, and new shared and legitimized norms of appropriate business behaviour emerge.

The socialization of markets results, particularly in socially responsive political systems like democracies, from the interaction of market, social, and governmental factors. The market factors reflect changing consumer, investor, and employee values, and the impacts of company CSR policies on markets. Social and governmental factors reflect ways in which civil society and the media, and governments, reshape markets so as to reinforce the importance of social criteria. Box 12 summarizes these linkages.

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