The paper is devoted to investigating corporate social responsibility as a modern strategy of enterprises, including the historical conditions of its emerging and further modification in response to the continuous social and economic changes around the globe. Additionally, the impact of social practices of business was studied regarding their direct and indirect impact on the creation of human and social capital within an organization and at the national level as well, which forms the stable foundation for further economic growth of a company and national economy, simultaneously leads to the improvements in the public wellbeing. It was proved, that the positive impact of social practices can lead to the social capital formation in developed economies, where the state encourages those policies by providing benefits, while in developing/transition economies this impact can be minimized or eliminated by economic, political and social instabilities. Moreover, the link between the voluntary involvement of private companies in providing some extra social services and the modern transformation and reorganization of the state social protection policy was studied to identify the mutual benefits that can be obtained by the two parties and the society in general.
