This chapter looks at how the CSR philosophy has developed as an alternative way to address externalities emanating from operations of corporations. First, it traces the evolution of CSR. Then it asks the pertinent question: What is CSR? In order to properly address this question the chapter examines how the concept has been presented by disciplines that played important roles in its development. Then it examines the theoretical underpinnings of CSR asking the following questions: Does CSR suggest a moral responsibility for business? Does business have a moral responsibility? If, as this chapter posits, it does, what implications does CSR have for law? In answering these questions the chapter evaluates some suggestions that have been made on how the law should respond to CSR. The chapter explores the question of the morality of corporations, the relationship of the discussion to the concept of corporate personhood and the implication of corporate morality and personality for human rights law.