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This essay will evaluate how corporate social responsibility (CSR) can be “a source of opportunity, innovation, and competitive advantage” rather than just “a cost, a constraint, or a charitable deed” (Porter & Cramer 2006). The essay will explore a vast range of issues regarding socially responsible business including how it is practiced in different organizations, the Hongkong and Shanghai Banking Corporation Limited (HSBC Group) in this case. In particular, the essay will cover the following areas:  the theoretical terms of the debate regarding the nature of socially responsible business, and its conduct; short and long term issues; tangible and intangible benefits from the socially responsible business practice; and provide different examples to illustrate how businesses (HSBC in this case) have applied social responsibility strategically, how it contributes to the business model and sustainable competitive advantage over the long term.