In 1970, American economist Milton Friedman wrote that “there is one and only one social responsibility of business—to use its resources and engage in activities designed to increase its profits.” If Friedman were alive today, he would scarcely recognize the contemporary corporate social responsibility (CSR) landscape. Indeed, in the 21st century, CSR initiatives—that is, the integration of social and environmental concerns within business operations—have become so commonplace that their absence from a corporate portfolio would seem strange. An often-cited example of contemporary CSR practices is that of TOMS shoes: For every pair of shoes purchased, TOMS would donate a pair to a humanitarian organization in the global South. The calculus here is not difficult to figure: At a small investment cost, CSR allows a corporation to showcase a desire to be a “good neighbour,” affords it a social license to operate, and enables it to reap the benefits of favourable media coverage.
