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Traditionally, a widely held view of business functioning has been that business exists to earn profits by supplying goods and services to society. Until about 1960, it was supposed that the primary business concern was to concentrate on maximizing its efficiency through maximizing profits; as profit making was an index of managerial efficiency.

However, saying like, “you cannot make money by honest means”, or “business are sucking the blood of the poor”, raise an issue of the concept of social responsibility i.e. whether business should be concerned with making money by hook or by crook; or should they include social and ethical considerations in their business behavior? The idea behind social responsibility is to relate the functioning of business to the aspirations of various sections of society.