Corporate social responsibility is often a specific aspect of the business world that mostly are supported and championed by most of the well-known companies of international proportions who function through pioneering of innovative works and initiatives that are purported to doing good, solving delectable problems that exist just to mention a few. A correct point of view outlook on this particular topic of choice that leads to a better comprehension forum can be attained by first looking at the definitions of money (Bendell, 2017).
According to AMI research projects and works, money is termed as a legal institution of society and government. This pin points the specificity of its function in society rather than the old fashioned outlook that it is a commodity or an economic good. A theme that has been discovered to recur over the years in the monetary aspect of it all is the fact that there has been an existing rivalry between authority and conflict of trust (Marquina and Vasquez, 2013). This is best explained through the spontaneous monetary order advocating that is riddled with free exchange as long as it is encompassed under the rule of law compared to the rich and well-off individuals who want to shape and sluice the monetary system to their own particularly molded specifications so as to meet their own needs.
Usually, the function of the central bank in the monetary field flow is not given its true importance. Monetary base for a country is critical and the central bank can topple or improve aspects of the government if it deems it so. Due to the interest rates that are play which are influenced by the central bank, circulation of currency and bank reserve deposits can easily be contracted or expanded as seen throughout history (Christophe, 2015). Three tools for monetary policy that play a role in this entity include the discount rates, open market operations and reserve play outs.
Central bank can therefore be termed as a main determining factor that influences monetary history. From the interest rates and bank reserves when one adapts with the changing times especially concentrating on the sustainable crypto currency states, too much power is placed on them. According to De Roeck and Delobbe (2012) reserves were always put in place for any future use this determining the enormity of a foot print in the current politics of affair. State theory of money is an example of the 20th century controversy play that stated that money is a creature of the state. Georg Simmel and his cohorts stood by the statement that if one considers the monetary matters aspect of it all, the government should have free reign to do whatever it pleases free from the country’s law limitations or ethical repercussions ultimately remove all together the recurrence of the conflict of trust and authority.
New technology challenges the functioning of the central bank in forcing it to find out new transmission channels, adopting new currencies and overseeing its existing role in the global financial system with its block chain aspect that is a tad resistant to change being thrown out.
- Bendell, J., 2017. Currency innovation for sustainable financing of SMEs: context, case study and scalability. Journal of Corporate Citizenship, 67.
- Christophe, P.L.A.C.E., 2015. Impact of complementary currency for sustainability: an integral approach. In 3rd International Conference on Social and Complementary Currency, 27th, 28th, 29th and 30th of October 2015 [conference proceedings]. Salvador: Federal University of Bahia.
- De Roeck, K. and Delobbe, N., 2012. Do environmental CSR initiatives serve organizations’ legitimacy in the oil industry? Exploring employees’ reactions through organizational identification theory. Journal of business ethics, 110(4), pp.397-412.
- Emmanuel, C. and Eriksson, E., 2016. The role of CSR engagement in the Internal Brand Building process: An exploratory study of Service firms.
- Marquina Feldman, P. and Vasquez-Parraga, A.Z., 2013. Consumer social responses to CSR initiatives versus corporate abilities. Journal of Consumer Marketing, 30(2), pp.100-111.