Times have changed. Managers are now regularly confronted with decisions that have a social responsibility dimension. Additionally, the public and the media have made social responsibility a more visible concern. The flaws in the classical view include changing expectations of business by society, the need to maximize financial returns over the long run, and the fact that society now encourages business to become involved in its social, political, and legal environment. Contrast social responsibility and social responsiveness.
Social responsibility refers to business' pursuit of long-term goals that are good for society.
Social responsiveness refers to the capacity of a firm to respond to social pressures. Social responsibility is more theoretical because it is management driven, not market driven. Cause-related marketing refers to social actions that are motivated directly by profits. Yes, this is consistent with the classical goal of economic maximization. It also could be related to the concept of social responsiveness as companies develop and implement their shared values in response to society's changing conditions.