Salman and the Methodology of Social Responsibility
One aspect of Crown Prince Salman bin Abdul Aziz’s wide and diversified activities is social responsibility of the private sector and his continuous and tireless endeavors to legalize it to ensure the effective participation of the private sector in service of the economy and society.
On an occasion to honor late Prince Sultan following his return from a medical trip abroad, Prince Salman did not collect money from the private sector to finance a classical celebration. Instead he proposed an innovative project, which would have an impact on the country’s economy. It was the establishment of a university to bear the name of Prince Sultan.
Prince Salman told me so at an occasion during which I had the honor of greeting him with my colleagues at the board of trustees of the university.
This depth in the strategic thinking and the methodological understanding of the concept of social responsibility was what economists have been calling for. The work of Prince Salman in this particular area was in harmony with the methodological thinking that would achieve the objective of social responsibility of the private sector.
The concept of social responsibility from an economic perspective means that the private sector should effectively contribute to the sustainable development and the advancement of society. The private sector should them give maximum concern to the concept of social responsibility and its role in this particular area should be limited to the collection of donations only.
We should all work seriously to inculcate the concept of social responsibility in our society and make it part of our legal framework. We should not leave it up to the whims of the heads of private companies or a lack of social responsibility will reflect negatively on the private sector.
- The writer is an associate professor in Financial Sciences at King Fahd University of Petroleum and Minerals. (Courtesy of Al-Eqtisadiah newspaper)
