The top priority of businesses is making money, and they do not need to have social responsibilities. To what extent do you agree or disagree?

Some people argue that generating profits is the prime concern of corporations, and these organizations are not required to have social duties. While I accept that this argument is slightly reasonable, I believe that the simultaneous combination of both producing money and social duties would generate more meaningful results than making money solely.

On the one hand, the majority of companies treat making money as a prime aim because of a large number of driving factors. Firstly, the more firm revenue is generated, the more tax budget is created in a nation. Indeed, when a company has high profit, they would give more for income tax; thus, the government has more budget to invest to improve public infrastructures such as roads, transportation, monuments, public space, which could substantially boost citizen’s living quality. Furthermore, the company’s financial budget plays an integral role in creating job opportunities. When a company is in a profitable situation, it tends to establish new agencies or subsidiaries, which provides a host of vacancies for those who are unemployed.

On the other hand, I contend that corporations should be encouraged to take social obligation into consideration alongside maximizing profits because of a number of compelling reasons. One reason is that a company’s production process may lead to environmental degradation. For examples, contaminated water eliminated from factories’ production process needs a lot of fee to be processed. Because of that, many factories decided to dump illegally into water sources so that damage to marine life and to the environment as a whole. Another reason is that philanthropic activities are essential for an optimistic brand image. If entrepreneurs conduct more charitable projects for the public such as giving financial support to people experiencing disasters or facilitating miserable children to have an adequate education, this would make people have a favorable opinion of their business.

In conclusion, while I agree that maximizing revenue is the key factor that is compulsory for each corporation’s prosperity, I would contend that social accountability should also be encouraged simultaneously.