The purpose of the study is to present a critical reflection on the proposal of Creating Shared Value (CVC) that from the perspective of Porter and Kramer represents an alternative to the traditional conception of Corporate Social Responsibility (CSR). First, a conceptual framework on CSR is presented and the criticisms made about it are exposed and how in practice it has been distorted by companies. Then the concept of CVC is exposed, reviewing its advantages, limitations and criticisms and highlighting the main challenges for companies that decide to focus on the CVC as a strategy to align economic interests with the welfare of communities.