ABSTRACT
‘Profit making and Social Responsibility’ is an oxymoron and can be strongly debated. Profit-making is the most important reason for an enterprise to exist and grow. Social responsibility is the fundamental duty of the state, which must focus upon bringing up its stakeholders within a milieu of social justice. This includes proactive participation by government in elevating quality in the working lives of its citizens. Thus, to attempt to balance wealth and social justice/empowerment is to invite cooperation between people and business in a public–private partnership to enhance the competitive existence and growth of the national economy.
‘The state is a necessary evil.’ Its primary responsibility is to govern and to bring order from disorder. The city-states of Ancient Greece portrayed high levels of self governance and self-sustenance. Besides this, for a nation to be healthy and prosperous the state must not hinder liberty. Our world has witnessed social unrest caused by economic disparity, inequality, social injustice and other ills resulting in cross-border disputes, civil wars, battles and regional and world wars. It follows that there should be continuous efforts to reduce the economic disparity between the citizens of a state, but the irony is that a state may be unable to execute its primary duties – that is, carryout its social responsibilities – because (i) it is not able to mobilize funds; (ii) the funds available are not adequate for the requirement; (iii) it is not able to utilize the funds and/or (iv) there is lack of governance and willpower. As a result, the entrepreneurs in a corporation – which is a micro-community – emerge as entrepreneur–consortiums to carry out their critical task using innovative methods. They participate as social entrepreneurs and emerge as drivers of the engine of economic and social growth.
