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for extracting gains for the working class throughout the world has become

very powerful. This has forced business enterprises to pay due regard to

the welfare of workers instead of following a policy of ‘hire and fire’ under

which they could deal with workers at their will.

(iii) Impact of consumer consciousness: Development of education and mass

media and increasing competition in the market have made the consumer

conscious of his right and power in determining market forces. The

principle of caveat emptor (or let the buyer beware) has been substituted

by the principle of ‘customer is king’. Business enterprises have started

following customer oriented policies.

(iv) Development of social standard for business: Businesses are no longer

considered merely money crazy entities, which can be allowed to mint

money at any cost and get away with any kind of business practices. New

social standards consider economic activity of business enterprises as

legitimate but with the condition that they must also serve social needs.

No business can be done in isolation from society.

(v) Development of business education: Development of business education

with its rich content of social responsibility has made more and more

people aware of the social purpose of business. Educated persons as

consumers, investors, employees, or owners have become more sensitive

towards social issues than was the case earlier, when such education was

not available.

(vi) Relationship between social interest and business interest: Business

enterprises have started realizing the fact that social interest and business

interest are not contradictory. Instead, these are complementary to each