ABSTRACT
This chapter discusses the evolution of CSR as a concept of being responsible economically, socially, environmentally and ethically in its holistic sense. It highlights the supremacy of corporate social responsibility over personal gain. In further discussions the concept has been differentiated with various terms like corporate philanthropy, sponsoring, sustainability, greenwashing, social entrepreneurship and white-collar crime so as to make readers clearer about what CSR is and what it is not. Principles and various models such as Carroll CSR Pyramid, Triple bottom line and Stakeholders’ theory have also been explained with the pictorial and tabular presentations. The chapter also brings out benefits and limitations of CSR as a panacea of socio economic welfare of the society as a whole. As a concept CSR is full of challenges and faces criticism of the propounders of profit maximization approach to business. Certainly, the chapter presents a complete package to know CSR basics.
