Changes in the Market Society and Corporate Social Responsibility

Abstract

The role expected of corporations in society is not fixed, but changes when the society forming the basis of the market economy transforms. Since the 1990s, a lively, ongoing debate has occurred as to whether the negative aspects of globalization can be overcome. In the current environment, which demands both social and environmental sustainable development, calls for corporate social responsibility are getting louder. With the growth of green consumerism and socially responsible investments, the evaluation of corporations is being based not only on financial, but also on social, indices. Specialist organizations now survey and rate corporate activities from an environmental–social perspective and provide information to consumers and investors, who in turn make decisions based on this evaluation; corporations thus receive positive or negative sanction from consumers and/or investors based on these ratings. Should this system become established in the marketplace, corporations will have to manifest a system that incorporates social fairness and environmental responsibility, and accept their accountability to stakeholders for their economic activities. This paper examines global trends and new possibilities in corporate responsibility, making a particular study of the current Japanese situation.