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The classical view of social responsibility is to minimize profit and maximize the best interest of the owners. The socio economic view of social responsibility the primary responsibility is to enhance and protect societies welfare and maximizing profit is secondary

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Classically, social responsibility is the idea that businesses should contribute to society beyond just making a profit. This includes actions like ethical business practices, philanthropy, and environmental sustainability. From a socioeconomic perspective, social responsibility is seen as a way for businesses to address societal issues and inequalities that stem from economic disparities, and it can help create a more equitable and sustainable economy for all stakeholders.

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Q: What are the classical and socioeconomic views on social responsibility?
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