The Importance Of Corporations In Our Society

1094 Words5 Pages
Corporations are the norm in our society. They play such a significant role in our lives, yet their purpose for many, is only to generate profit. Still, contemporary corporations have become such huge players in the development of humankind that their influence is not limited to its fiscal nature. Purpose defines the essence of a corporation, its stakeholders, and its contribution to the society. Addressing this issue will vary accordingly with the political and economic system on which the society and its core values belong.
Society grants corporations unique privileges to serve its needs. In a negative turn, the goal of corporations shifted from “profit generation” to “profit maximization”. This has momentous repercussions not only for businesses, but also for the perceived responsibilities and interaction of its citizens. The Filipinos embrace the idea of evil corporations: underpaid employees and fat shareholders who compromised the ability of the future generation to meet their needs.
The corporation became a symbol of evil, a soulless institution established for the benefit of the few and the detriment of the many. Because of its overpowering economic power in the global and national stage, it has the ability to infringe unethically on universal human rights.
The view of good corporations – which where the granted corporate privilege to advance public purposes such as building roads, bridges, and canals – was forgotten by the society and buried beneath layers of
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