Samsung is a South Korean multinational conglomerate with its headquarters in the town of Samsung Seoul. The company comprises of many-affiliated companies that manufacture and distribute different electronic products under the brand name of Samsung. The conglomerate has a powerful influence in South Korea as a country because of its operations. The organization has been a powerful influence over South Korea’s politics, economic development, culture, and its media, as well as the dominant force driving what is referred to as the Miracle on the Han River, which has seen South Korea make significant economic advancements since the Korean War ceasefire of 1953. The organization contributes about 20% of the country’s exports while its revenues are equal to about 20% of South Korea’s $1,082 billion Gross Domestic Product.
There are two schools of thoughts regarding corporate social responsibilities in business organizations. The first school of thought was started by Milton Friedman’s who argued that business organization does not have any business in using their resources to do things that do not benefit them and the shareholders (Daft & Marcic, 2016). The business organization should only be interested in advancing the interest of their shareholders by making more profits. The other school of thought was headed by Archie Carroll, which argued that corporations have to use their resources to improve the environments they work from, as well as improving the lives of the people.
Samsung, as an organization, has adopted the second school of thought as advanced by Archie Carroll. The organization, under the leadership of Kim Hyun Suk, ensures that it improves the lives of people in all the countries or regions it operates (Idowu & Louche, 2017). Some programs the organization has invested billions of dollars include providing financial support to education funds that seek to take children from poor backgrounds to school. The organization also trains and employs people from regions it operates in hence creating employment, building social institutions such as schools and hospitals, as well as providing for people from dry areas with clean drinking water.
Daft, D., & Marcic, D. (2016). Understanding Management. New York, NY: Cengage Learning
Idowu, S., & Louche, C. (2017). Theory and Practice of Corporate Social Responsibility. New
York, NY: Springer Publications.
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