CSR and Fair Trade Approaches to Economic Development Essay

CSR and Fair Trade Approaches to Economic Development - Essay Example This analysis of CSR and Fair-Trade initiatives has revealed that the private corporate sector in conjunction with NGOs can be the main driver for economic development particularly in the developing countries. The evolvement of CSR conception from the philanthropic approach to the pro-poor policies whereby communities are economically empowered through fair trade and mutually beneficial projects is a welcome advance that can lead to an enabling sustainable development. More involvement by the corporate sector is nevertheless, necessary in future including enacting laws that make it a requisite for corporations to inject back some tangible funding to local communities. Although proponents of free trade have maintained the need for a pure capitalistic model, recent events including corporate scandals and collapse depict the need to spread wealth away from the top equitably to cushion the poor against devastating effects of economic upheavals, which is ethically and morally obligatory f or the more wealthy corporations and nations.