Environmental Protection and the Social Responsibility of Firms:
Perspectives for Law, Economics, and Business. B. L. Hay, R. N.
Stavins, and R. H. K. Vietor, eds. 2005. RFF Press, Washington, DC. 240
pp. $80 cloth, $39.95 paperback.
In the 2005 text, Environmental Protection and the Social
Responsibility of Firms, editors Bruce Hay, Robert Stavins, and
Richard Vietor examine an issue that has existed for some time in its
various iterations but only recently has gained renewed exposure under the
buzzword “Corporate Social Responsibility,” or CSR. The
editors employ a variety of authorities in various CSR-related areas to
examine the three central questions of the work. First, do firms have a
moral or social responsibility to commit resources to voluntary
environmental protection, even if these voluntary efforts might reduce the
company's overall earnings or profitability? Second, can such firms
commit these voluntary resources on an ongoing, sustainable basis, or will
market forces render such efforts implausible? Finally, do firms in
general tend to engage in CSR-related activities and, if so, at what
“cost”?