CSR and Sustainable Development – Two Concepts with Different Beginnings and a Common Future

Abstract

The concepts of Corporate Social Responsibility (CSR) and Sustainable development have emerged as separate independent units in different historical periods, but today their content, orientation and tools are basically identical. Both concepts focus on the economic, ecological and social aspects of the activity not only of contemporary business organizations, but of those in the public sector as well. The main purpose of the paper is to track the evolution of the ideas on CSR and Sustainable development, to reveal the historical prerequisites for their emergence and to outline the differences in their initial interpretation. After that the gradual convergence of these ideas is tracked in respect to orientation and content by making a comparative analysis of the most common practical initiatives for CSR and sustainable development as Social standards certification, CSR Stock Exchange indices and Corporate Sustainability assessment, Social Business and Social Entrepreneurship. The results about the availability of common ideas on CSR and sustainable development in contemporary business practices as Fair trade, Supported Agriculture and Slow movement are presented. The trends for their future development are outlined, including the application of new and innovative concepts concerning responsible and sustainable business in Europe, and, in particular, in some of the Balkan countries. Arguments are brought forward to support the thesis that today CSR is a basic element and an essential part of the overall efforts for sustainable development.

Keywords

• corporate social responsibility (csr)
• sustainable development
• social business
• fair trade
• supported agriculture
• slow movement