The Link Between CSR and Sustainable Development in a Global Economy

Abstract

In recent years corporate social responsibility has become a major focus of interest not only for business management but also for economics. Corporate social responsibility indicates a duty to work for social benefit since 1970s. Corporations are voluntarily integrating sustainable development concerns into their operations and their interactions with stakeholders. This paper aims to explore the link to the concept of sustainable development and corporate social responsibility from an economic perspective. In theoretical literature CSR discourse emerged as a reaction for sustainable development. Recently growing perception that corporations can contribute to sustainable development by promoting social responsibility that include consumer interests. The adoption of CSR initiatives has a significant impact on the sustainable development as core business strategies.