It is often noticed that employee benefits are kept to the minimum to contain costs. vi. A socially responsible business must act with due concern for the effects on the lives of other people. Innovation Business provides the incentive and the resources needed to maintain continuous R&D programs. The important thing is to establish a political climate of opinion which will make it politically profitable for the wrong people to do the right thing. WebCorporate Social Responsibility (CSR) The title corporate social responsibility In general, the conviction that corporations are not only legal entities with responsibilities but also moral entities, and they hold ethical obligations comparable to those of citizens in a society. Therefore, its primary social responsibility is to produce goods and services as per needs of the society and to sell them at a profit. Privacy Policy, allow researchers from Cambridge Analytica, How to Deliver Fair and Unbiased Performance Evaluations with the Help of Employee Tracking Data, ESL 101: Understanding Automated Price Tag Labelling, A Complete Guide to the Top Virtual Private Network Systems. Recognizes the environmental responsibility is a pre requisite for sustainable economic growth and wellbeing of society. All courses in the core include business fundamentals but also go beyond, delving into emerging issues and ideas. They protest against the supply of inferior and harmful products by forming different groups. So it should be the responsibility of every business to spend a part of its profit for the welfare of the society. Therefore, its primary social responsibility is to produce goods and services as per needs of the society and to sell them at a profit. WebInsurers use actuarial science to determine the rates, which involves statistical analysis of the various characteristics of drivers.. WebThere is one and only one social responsibility of businessto use it resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without WebNavigate market uncertainty with validated, always-on compensation data from multiple sources delivered transparently through our trusted data platform This theory focuses on sustainability, and requires that any company weigh its actions on three independent scales: economic sustainability, social sustainability, and environmental sustainability. Copyright 2018 Turtler GPS Ltd.. - There are some arguments against the concept of social responsibility by the business organisations. viii. This is because responsibilities of business should be related to the changing social expectations, which is dependent upon the social, political and other environmental factors, which are dynamic too. For example, contributions to charity or helping people affected by natural calamities like floods or earthquakes. In order to combat this order of operations, the Triple Bottom Line requires that a business decision be composed of all of these elements from the beginning. Many socially responsible activities dont cover their costs. Apart from earning profits, a business must aim to meet the following objectives, towards its social responsibility: Businesses must use the resources available in the society in the most optimal or efficient manner. We will guide you on how to place your essay help, proofreading and editing your draft fixing the grammar, spelling, or formatting of your paper easily and cheaply. Let us discuss the various arguments offered in favour of and against the assumption of social responsibilities by business. 2. 2. Therefore, social problems should be solved by other specialised agencies. v. Understand their impact on social and economic development. However, the organization may still act in socially responsible manner by maintaining fair dealings. But the economic reasons are not the reasons, Underlying most arguments against the free market is a lack of belief in freedom itself., I am favor of cutting taxes under any circumstances and for any excuse, for any reason, whenever it's possible., Governments never learn. (iii) To provide full information about the product and the company to the consumers. Responsibility towards the Government: The social responsibilities of business towards the government are: (i) To abide by rules and regulations of the country. vi. WebSocial Responsibility of a Business. Responsibility towards the Community or Society: (i) To behave as a good citizen and act according to the well accepted values of the society. Business should act before these problems become more serious and costly to correct, taking managements energy away from accomplishing its goal of producing goods and services. If a business maximizes its profits through optimum use of resources, then the social responsibility is automatically assumed (as business is making best possible use of societys resources). Supporters of the socioeconomic view contend that managers should be concerned with maximizing financial returns over the long run. 7. Business is being socially responsible when it attends strictly to its economic interests and leaves other activities to other institutions. And when you know all this, it is easier to comprehend the next part of the Cambridge Analytica scandal, and why it cant be called a data breach. (e) Framing strategies to set future goals. Burden on Consumers Social responsibilities like pollution control and environmental protection are very costly and often require huge financial investments without proper returns. He claimed that someone must eventually bear the costs of social responsibility. It is ideal for use in sterile storerooms, medical storerooms, dry stores, wet stores, commercial kitchens and warehouses, and is constructed to prevent the build-up of dust and enable light and air ventilation. Is that proper? At that time only that business organisation was considered good which was earning profit for its owner but today the situation is absolutely changed. Uploader Agreement. So, even if your name or home address wont be used, that doesnt mean selling your data is something morally positive, but it is legal. The whole pie is bigger - there's more for the worker, but there's also more for the employer, the investor, the consumer, and even the tax collector. While Facebook was, and still is, the most controversial social network of them all when it comes to handling user data and using their user base in social experiments, they arent the only social network or a large online company mishandling private data. Recognizes the right of businesses to engage with Government for redressal of a grievance or for influencing public policy and public opinion. By becoming socially responsible, business can expect less government regulation. Develop Environment Management Systems and contingency plans. Emphasizes that environmental issues are interconnected at the local, regional and global levels. The problem of reconciling the interests of the conflicting interest groups should find a solution. This is not just the obligation to follow the law as it is written, but "this obligation must be understood as a proactive duty. Therefore, it will award its stock a higher price earnings ratio. This means that businesses must attend to the Economic, Legal, Ethical, and Philanthropic responsibilities in that order. There is an element of voluntary action in performing this responsibility. Every state has a different minimum coverage requirement, making auto insurance coverage more expensive in some states than others, but they The idea of organisational social responsiveness is the development of organisational decision processes whereby managers anticipate, respond to and manage areas of social responsibility.. Just a moment while we sign you in to your Goodreads account. Goodreads helps you follow your favorite authors. The specific arguments outlining the major points for and against the social responsibility of business are listed below: The major arguments supporting businesses being socially responsible are-. viii. Long-Term Interest of the Firm: It is in the long-term interest of business. 2. Society has given business enough power. (b) Firms should examine the desires of society and assess how other companies are meeting the social desires. 1. Some provide a variety of social services to their employees; some companies have invited the community to participate in some corporate decisions affecting the region, while others contribute to local urban renewal or antipollution programmes. vii. If he's caught, he goes to jail. Profit is necessary for survival and growth of the business. That is clearly wrong. You see, a person can live without Facebook. Business enterprises have tremendous social power because of huge resources in hand. Unless it is politically profitable for the wrong people to do the right thing, the right people will not do the right thing either, or it they try, they will shortly be out of office., This plea comes from the bottom of my heart. The last category, the Philanthropic Responsibility, is a responsibility "to contribute to society's projects even when they're independent of the particular business. Many corporations have broken the rules when the profits that they stand to gain are much higher than the penalties that they might have to pay for breaking the rules. 8. (iii) To provide regular, accurate and complete information about the working of the company. Social responsibility programmes can boost employee morale in the workplace and increase productivity, which impacts the company's profitability. This concept involves the whole of business actions and the entire social structure. 4. Baby oil style. (c) Shareholders being owners of the firm must be informed about its social goals. Meaning and Definitions of Social Responsibility of Business: Social Responsibility of Business Concept, Definitions, Principles, Principle 2 Providing Goods and Services that are, Principle 4 Being Responsive towards Stakeholders, Especially the Disadvantaged, Principle 5 Respecting and Promoting Human Rights, Principle 6 Protecting and Restoring the Environment, Principle 8 Supporting Inclusive Growth and Development, Principle 9 Providing Value to Customers Responsibly. Make efforts to complement and support the development priorities at local and national levels. Social responsibility indicates personal obligation of people, as they act in their own interest, to ensure that the rights and legitimate interests of other are not sacrificed by their behavior and action. Adopting these approaches is beneficial for your corporate image and helps build a positive company culture with positive morale and higher productivity. And we, the users, are often behaving contrary to the belief that most people cherish and highly appreciate their privacy. Urges businesses to follow the precautionary principle. It is undoubted that whenever any big organisation, may it be religious, business, army or some other organisation, came to establish its supremacy over society, the results have not been pleasant. arise due to activities of business enterprise. Wealth creation Business provides an avenue for investment and the potential to make a profit. Although business is an economic institution, which operates with the basic aim of profit maximisation, but it should give due importance to social problems, in order to survive and to build good public image in the long run. Welcome back. If a business does not meet its social responsibilities, then people related to the business may resort to anti-social activities, if they feel that they are not getting their dues from the business. It is managements job to find a way to convert these demands from threats to or restrictions on, the enterprises freedom of action into opportunities for sound growth, or at least to satisfy them with least damage to the enterprise. iii. The EU and its General Data Protection Regulation (GDPR) is the move in the right direction when it comes to personal privacy. ES aims to reduce pollution, greenhouse gas emissions, and promote using natural resources sustainably. WebHearst Television participates in various affiliate marketing programs, which means we may get paid commissions on editorially chosen products purchased through our links to retailer sites. Business has to play a role of a responsible citizen and every other section of the society should also prepare a smooth ground. ", Michael Matteson and Chris Metivier 2022, Reading: Friedman The Social Responsibility of Business Is to Increase Its Profits, Friedmans Justification for Stockholder Theory, Reading: Freeman Managing for Stakeholders, Module 3: Social Responsibility, Professionalism, and Loyalty, Corporate Social Responsibility and the Triple Bottom Line, Reading: Davis Some Paradoxes of Whistle-Blowing, Reading: Duska Whistle Blowing and Employee Loyalty, Reading: Arnold & Bustos Business Ethics and Global Climate Change, Reading: Desjardins Sustainability: Businesss New Environmental Obligation, Reading: Maitland The Great Non-Debate over International Sweatshops, Reading: Arnold and Bowie Sweatshops and Respect for Persons, Terrible Working Conditions and the Costs of Improvement, Module 6: Privacy, Property, and Technology, Reading: DeGeorge Intellectual Property and Pharmaceutical Drugs, Case: Patents and the African AIDS Epidemic, Conflicting Rights and Ethical Intuitions, Reading: Arrington Advertising and Behavior Control, Reading: Brenkert Marketing and the Vulnerable, Case: Kraft foods Inc.: The Cost of Advertising on Childrens Waistlines, http://businessethicsworkshop.com/textbook.html. Account Disable 11. Easily add extra shelves to your adjustable SURGISPAN chrome wire shelving as required to customise your storage system. Ensure continuous skill and competence up gradation of all employees. iii. In this kind of system, it is assumed that managers are agents of the stockholders and all their decisions are controlled by their desire and obligation to maximize profits for the stockholders and to safeguard the company, while complying with law and social custom. Responsibility to think and act beyond the interests of its shareholders to include all their stakeholders. Learn about:- 1. (ii) To pay taxes regularly and honestly. iii. It should not keep profit maximization as the sole objective. Various laws and regulations have been enacted in the interest of the business and society. 08 (4.49) The mayor samples my daughter and is pleased. Economic Responsibility Business enterprise is basically an economic entity. Acknowledges that no business entity can exist or survive in the absence of its customers. Introduction to Social Responsibility of Business 2. 7. It is reasoned that business has large amounts of social power. It means putting your money where your mouth is., Establish processes to review financial decisions against the companys CSR policies. Neither half of the statement expresses a relation between the citizen and his government that is worthy of the ideals of free men in a free society. 4. Business organizations have the financial resources, technical experts, and managerial talent to support public and charitable projects that need assistance. Actually the team that's been most involved in this initiative where I'm also a part of, it is the Corporate Social Responsibility Unit of UNICEF which is a fairly new unit within UNICEF. (e) Managers should compute the cost of social programmes in terms of financial investments to assess their viability. Since social programmes form part of the organizational planning process, managers measure the effectiveness of these programmes to ensure they are consistent with the planned goals. Even small companies can make an impact with philanthropic work: Supporting or sponsoring such causes keeps your business name top of mind and shows that your business is actively engaged in your community. 2. Availability of Resources with Business: Business enterprises have considerable financial and human resources, which can be effectively used for solving social problems. Business has the innovative ability and with its productivity-oriented approach to problems, it can confidently assume social role. For example, if business spends money on training of the employees, it will have more efficient people to work and thus, earn more profit. on them. The kind of activism associated with social media isnt like this at all. Next, dont visit unsecured sites. First, its a general name for any theory of the corporation that emphasizes both Business must help society by constructing schools and colleges, running hospitals, places of worship, etc. Therefore, if business wishes to remain viable in the long run, it must respond to societys needs and give society what it wants. Use password managers and when you discover that a service you have an account on is compromised, change the password immediately even if your account isnt part of the breach. 05 (4.70) Sara and Harry have public fun and make new friends. Content Filtration 6. It means that when business is alive to its social responsibility, the people in the beginning will be so thoroughly impressed by it that in future business will come to occupy a position of predominance. Instead, the business firm should engage itself in maintaining a pollution free environment. Many large companies faced cyber-attacks and the trend will continue. (iv) To take adequate safety measures in production of hazardous or unsafe products. iv. Customer is the reason for the existence of any business. Google uses all kinds of data from their users, and numerous apps on Android and on the web also have access to the data (just check out all of the permissions you gave to various apps installed on your smartphone). Principle 2 Providing Goods and Services that are Sustainable over Entire Life Cycle: i. Legal Responsibility Every business enterprise has a responsibility to operate within the legal framework of the society. 2.4 Provide enough training and development facilities: Though this is a business responsibility of a business organization is also a social responsibility of a business organization. It can be a private or a business one, all you have to do is enter it on the sites front page. Many forms must be completed only by a Social Security Representative. Government should be a referee, not an active player., Now here's somebody who wants to smoke a marijuana cigarette. Our online behavior is important and if you want to keep your privacy dont fill any silly Facebook quiz, dont enter your personal data. The activities of business towards the welfare of the society earn goodwill and reputation for the business. According the to CSR, the corporation has an obligation to the society that it lives in. Discouragement of Further Government Regulation: Government regulation adds economic costs and restricts managements decision flexibility. Business should not have any social responsibility otherwise social values will come to be dominated by business values, which in itself is a painful dilemma. Report a Violation 10. Otherwise, we are condemning it to death. The argument against and for assumption of social responsibilities by business represent basically the classical and neo-classical school of economic thought respectively, Adam Smith and Milton Friedman belong to the classical school of thought. To the free man, the country is the collection of individuals who compose it, not something over and above them. Concept and Meaning of Social Responsibility: Social Responsibility towards Different Interest Groups: Social Responsibility of Business Opposing Views, Arguments for and Against and Limitations. It can be possible by assuming social responsibilities beyond the commercial and legal obligations. It affects the environment, consumers, community conditions and many other areas of society, In turn; an equal amount of responsibility is required to match its power, because any other arrangement would invite irresponsible behavior that would reduce the public good. viii. To do that, they must accept some social obligations and the costs that go with them. We might make allusions to the Good Samaritan or to handing our change to someone who asks for it on the street, but the core of the responsibility is that firms ought to act like persons who live in a civil community. Principles 7. Einstein didnt construct his theory under order from a bureaucrat. Youve probably heard about haveibeenpwned.com, a webpage capable of showing whether your personal data has been leaked just by entering an email address you use. Before uploading and sharing your knowledge on this site, please read the following pages: 1. See, if you look at the drug war from a purely economic point of view, the role of the government is to protect the drug cartel. Passwords, social network accounts, data gathered via smartphone apps, medical records, credit card info, you name it. Encourages businesses to understand and be accountable for direct and indirect environmental impacts of their operations, products and services. The management has following social responsibilities towards workers: (i) To create and provide proper and safe working conditions. Firms seek to enhance their public image to get increased sales, better employees, access to financing, and other benefits. Until society can develop mechanisms, that establish direct lines of social accountability from business to the public, business must stand clear of social activities and pursue only its goal of profit, where it is directly accountable through the market system. Decisions and actions should be amenable to disclosure. It must fully comply with the policies framed by the Government in larger national interest. Such a threat of public regulation forces businessmen to follow social responsibilities. Molly Ch. the Legal Responsibility is the responsibility to obey the letter and the spirit of the law. Emphasizes the need for collaboration amongst businesses, government agencies and civil society in furthering this development agenda. applications. If you want to know where the masses are worse off, worst off, its exactly in the kinds of societies that depart from that. This is because the average business decision is made by comparing the expected costs and benefits in terms of dollars and, only then, considering the other dimensions of that decision. The public is divided on the issue of businesss social responsibility. Look for ways to channel your philanthropic donations to help your employees and your community (for example, Establish preferred vendor lists to promote use of vendors whose values align with yours. Sitemap / Being a socially responsible business can help a company's image and brand. Society provides requisite aids; it is, in fact, the area in which business operates. You see, Facebook Terms and Conditions allow the company to gather and to store all kinds of user data. People prefer to buy products of a company that engages itself in various social welfare programmes. Engineer value in goods and services by keeping the impact of a product on the society through all stages of the product life cycle. To function effectively and profitable the businesses should work to improve the quality of life of people. Worlds most private and In such a case, the strength of that #3 responsibility might force me to override the other two above it. A social audit involves the following steps: (b) Monitoring organizations activities in carrying out these programmes. Business holds a large amount of power in society. WebThe OMBA core prepares you to make an immediate impact while positioning you to be a critical contributor and leader as business changes. Recognize and respect all human rights of all relevant stakeholders and groups within and beyond workplace. SURGISPAN inline chrome wire shelving is a modular shelving system purpose designed for medical storage facilities and hospitality settings. WebIn social science and politics, power is the social production of an effect that determines the capacities, actions, beliefs, or conduct of actors. This may be harmful for the business. WebGet breaking NBA Basketball News, our in-depth expert analysis, latest rumors and follow your favorite sports, leagues and teams with our live updates. And when it is known that people at Facebook ran all kinds of social experiments on their users (some of them being highly disturbing and unethical) just imagine what it can be done with users private data if it gets into wrong hands. So adopting social responsibility helps stabilize the environment and provides a good environment to do business. It not only helps in solving social problems but can also be used effectively as an opportunity for growth. It should provide for military defense of the nation. vi. Every friend of freedom, and I know you are one, must be as revolted as I am by the prospect of turning the United States into an armed camp, by the vision of jails filled with casual drug users and of an army of enforcers empowered to invade the liberty of citizens on slight evidence. If a company doesnt move servers to Russia, it will be blocked by authorities, like was the case with LinkedIn. So, it is the moral responsibility of business to help society in solving such problems and devoting some of its resources in the overall development of the society. So, when it comes down to online privacy and protection of our own personal data, the penultimate responsibility is on us, not some CEO of some social network on which you put your whole life on a plate for everyone to see. Instead of separating them from society as Friedman would, they are viewed as citizens in the world.They have responsibilities that are analogous to those of other members of the moral community, and these responsibilities fall into four groups: The Economic Responsibility is the responsibility of a business to make money. Premium chrome wire construction helps to reduce contaminants, protect sterilised stock, decrease potential hazards and improve infection control in medical and hospitality environments. No matter the fleeting numbers, Facebook still has more than 2 billion active users in the world, and they all give access to their private data to the company, but more on that later. If any business enterprise operates in a socially undesirable manner, then appropriate action is taken against such enterprises. An outline of the pros and cons of social responsibility of business follows: The most powerful argument against social responsibility is that business has profit maximization as its main objective. (d) To ensure effective allocation of scare resources, evaluation of different social projects should be done from the view point of their social costs and social benefits. Meaning and Definitions of Social Responsibility 3. Since the public considers social goals important, business can create a favourable public image by pursuing social goals. Recognizes that human rights are the codification and agreement of what it means to treat others with dignity and respect. Most social networks use poor security measures and arent even able to recognize all of the fake accounts they have on their platforms. But, the fact stands that one person gathered private data of 50 million people and then gave the data to a political data firm, which used the data to try influence voters, which is highly unethical and highly troublesome. Our business email address luckily hasnt been pwned. Incest/Taboo 05/01/20 There is no power other than self-interest which can get work out of people. Ans: Kinds of Social Responsibility . For example, if any business firm pollutes the environment it will naturally come under strict government regulation, which may ultimately force the firm to close down its business. Social Responsibility of Business Meaning, Concept, Objectives, Arguments, Reality and Kinds. As a manager, you can create a social responsibility management plan that includes a single focus or encompasses many responsibilities to the community. There are no direct lines of social accountability from the business sector to the public. Also referred to as ethical responsibility, organizations that embrace human rights social responsibility want to achieve fair treatment of all stakeholders, including investors, employees, suppliers, and customers. has two meanings. There is no definition of the concept of social responsibility, which is valid for all business concerns and for all times. Upgrade your sterile medical or pharmaceutical storerooms with the highest standard medical-grade chrome wire shelving units on the market. Promote the awareness and realization of rights across its value chain. (v) To respect the democratic rights of the workers to form unions. Major corporations have taken various approaches to social responsibilities. Provider of goods and services Business combines labour and other resources to produce goods and services beyond the ability of most individuals to produce. If you think about it, thats even worse. Archie B. Carrol is of the view that the social responsibility business encompasses the economic, legal, ethical and discretionary expectations placed on organizations by society at a given point time. Exhibitionist & Voyeur 06/08/17 And lets think for a minute about how many cases of user data misconduct happened that Facebook hasnt been aware of? As business is a creation of society, its functioning is ultimately judged on the basis of social standards. Business is an indispensible part of the society and gets its manpower and other resources from society. Discretionary Responsibility This is a purely voluntary obligation that an enterprise assumes. Classical view says that the managements only responsibility is to maximize profits. There are four broad ways for businesses to become better corporate citizens. to spend a part of its profit for the welfare of the society. (b) The social auditors may guide the management in the measurement of social performance, proper keeping of social accounting records and presentation of social statements. How Does Corporate Social Responsibility Impact Communities and the Environment? Overall, laws concerning personal privacy are scarce and many countries either dont have them, dont enforce them, or have them but they arent good enough. Work is sometimes its own reward. When government-- in pursuit of good intentions tries to rearrange the economy, legislate morality, or help special interests, the cost come in inefficiency, lack of motivation, and loss of freedom. A society that puts equality before freedom will get neither. Fully adjustable shelving with optional shelf dividers and protective shelf ledges enable you to create a customisable shelving system to suit your space and needs. Modern browsers show when your connection is secure (a little lock icon usually found next to the site web address), so dont visit those sites that are labeled as unsecure, and if you decide to visit them dont leave any kind of personal information (like usernames, passwords, credit card info, etc.) In other words, the resources of the society must not be wasted. ii. Discretionary responsibility: These obligations are assumed by the enterprises voluntarily. His app used the infamous Facebook Login feature and gathered data from around 270,000 users. includes all powerful features and unlimited assets, With the development of business education, consumers, investors, employees or owners have become more sensitive towards social issues. 4. Think of laws on the highway. Unless laborers develop a helpful and friendly attitude towards the management, unless consumers take interest in discriminating between good and bad among the business concerns, and unless the government follows policies conducive for healthy business practices. 6. The businessmen are expected to abide by the rules and regulations and to behave in a socially responsible manner. Items in this cart only reflect products added from the Teacher store.-+ Now-a-days consumers have become very conscious about their rights. Exhibitionist & Voyeur 06/26/14: A Traditional Swim Ch. ii. The major arguments against business assuming social responsibility are: This is the essence of the classical viewpoint. iv. v. Integrate respect for human rights in management systems through assessing and managing human rights impacts of the business operation. With an overhead track system to allow for easy cleaning on the floor with no trip hazards. In this way, the Stakeholder theory might be much more permissive than the CSR view. Socially responsible businesses tend to have more secure long- run profits. If the creation of some chemical by-products would be of overall benefit to many of the stakeholders involved, then it might be permissible on one view while prohibited on the other. That is, laws arent boundaries that enterprises skirt and cross over if the penalty is low; instead, responsible organizations accept the rules as a social good and make good faith efforts to obey not just the letter but also the spirit of the limits."3. WebThe cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. Our real objective is not just jobs but productive jobs--jobs that will mean more goods and services to consume., Wed love your help. He is proud of a common heritage and loyal to common traditions. (ii) To ensure fair wages and a fair deal from the management. Lack of Broad Public Support Generally, public does not like involvement or interference of business in social programmes. Labour movements have become very powerful in taking care of interests and welfare of working class. The principle extends to all categories of employees within and outside its boundaries and covers work performed by individuals, including subcontracted and home based. This allowed app developers to know almost anything about you, all you had to do is use Facebook Login feature or take one of the numerous quizzes that jump all over Facebook while you browse your News Feed. Thats highly possible, and because of Facebooks immensely powerful ad targeting tools, ad companies (or experimental psychologists, for instance) can just hire a programmer, let them create a simple app (in the form of a quiz or a questionnaire or something else), then target a highly specific user group unemployed males age 20-25 living in and around Gttingen, Germany, who liked pro-marijuana pages and perform a research with the collected data, or create targeted ads using the data they collected. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this. Every time a new business is started, it should lead to generation of employment. xi. However, a review of some definitions would be useful to understand the concept of social responsibility. Kinds 11. 3. Their decisions and activities considerably affect the economic growth. The rule applies to any company, located inside or outside the EU, that offers products or services to citizens of EU member countries, and that collect, process and hold personal data of EU citizens. Russias law on personal data asks from companies to hold user data on servers located inside the country, which is an excellent solution in theory but can lead to problems in practice. You see, Facebook allows app developers as well as page creators to access every bit of data available to Facebook. 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