In this chapter, we examine the relationship between business, society, values and institutions, the interrelationship between business and society, business-society interaction, the stakeholder model of business and then go on to study the socio-economic objectives of business and what businesses owe to the society including the problems and benefits that businesses create for the society at large.
It is rather difficult to consider business and society as separate entities. Modern business has grown both in its reach and influence in society to such an extent that it has become an integral part of it. Both are influenced and affected by each other. Traditionally, the term