Corporate Social Responsibility in Times of Economic Crises

In 2006 when diamonds were discovered in Zimbabwe in the eastern province of ManicalandManicaland the countryCountry was experiencing hyperinflationHyperinflation, unprecedented levels of povertyPoverty, high unemployment and deterioration of infrastructureInfrastructure such as roads. Zimbabwe is richly endowed with mineral resourcesResource, resources, resource curse which should be ideally an important contributor to sustainable growth and economicEconomic development of which, it is not the case. The countryCountry has not benefited from the extraction of its natural resourcesNatural resources particularly the diamonds in MarangeMarange. Multinational companies (MNCs) from ChinaChina, Chinese repatriated profitsProfit, profit motive and diamondDiamond revenueRevenue and have not contributed meaningfully to local development. The economicEconomic crises prevailing in Zimbabwe is a challenging businessBusiness operating environment which makes it difficulty to budget for CSRCorporate Social Responsibility (CSR). The economicEconomic crisisCrisis has presented mining firms with opportunities to solve community problems through CSRCorporate Social Responsibility (CSR). The tough economicEconomic and socialSocial environment in Zimbabwe, provides an opportunity to assess the diamondDiamond mining firms commitment to corporate social responsibilitySocial responsibility principles and valuesValues. The chapter discusses CSRCorporate Social Responsibility (CSR) opportunities and pitfalls amidst the economicEconomic crisisCrisis and challenging times Zimbabwe is undergoing using the MarangeMarange DiamondDiamond mines as a case study.