scholarly journals The Responsibilities and Role of Business in Relation to Society: Back to Basics?

2017 ◽  
Vol 27 (2) ◽  
pp. 293-314 ◽  
Author(s):  
Nien-hê Hsieh

ABSTRACT:In this address, I outline a “back to basics” approach to specifying the responsibilities and role of business in relation to society. Three “basics” comprise the approach. The first is arguing that basic principles of ordinary morality, such as a duty not to harm, provide an adequate basis for specifying the responsibilities of business managers. The second is framing the role of business in society by looking to the values realized by the basic building blocks of contemporary economic activity, i.e., markets and firms. The third is making explicit the basic institutions that structure the background against which business operates. The aim is to develop a plausible framework for managerial decision making that respects the fact of value pluralism in a global economy and that fosters meaningful criticism of current business practices while remaining sufficiently grounded in contemporary circumstances so as to be relevant for managers.

2019 ◽  
Vol 9 (4) ◽  
pp. 92 ◽  
Author(s):  
Anne P. M. Velenturf ◽  
Paul D. Jensen ◽  
Phil Purnell ◽  
Juliet Jopson ◽  
Norman Ebner

A broad range of organizations, from small and medium-sized enterprises to large multi-nationals, are interested in adopting circular economy practices. A circular economy can help companies make better use of materials by minimizing the input of natural resources, reducing waste, and optimizing the economic, social, technical and environmental costs and benefits of materials and products throughout their lifecycle. Despite the interest of companies in a circular economy, only 9% of material flows in the global economy are circular. There is formal guidance for those offering business support with the aim to expedite the transition to a circular economy. However, support measures narrowly confine the role of companies and the motivations of business managers to the economic realms, assuming that companies are solely driven by monetary factors. Conversely, pluralist economic views emphasize the broader role of companies in society: for example, in respect of the well-being of their staff and the communities in which they reside. Indeed, our practical experiences of business support have brought alternative motivations to explore a circular economy to the fore. We argue that business support should stem from a broader conception of the role of business in society. The diverse motivations and willingness of business managers to engage in a circular economy should be investigated further with results feeding into broader and more inclusive business support guidelines in the future to accelerate the transition towards a circular economy.


1990 ◽  
Vol 28 (2) ◽  
Author(s):  
Gordon Wills ◽  
Sherril H. Kennedy ◽  
John Cheese ◽  
Angela Rushton

To achieve a full understanding of the role of marketing from plan to profit requires a knowledge of the basic building blocks. This textbook introduces the key concepts in the art or science of marketing to practising managers. Understanding your customers and consumers, the 4 Ps (Product, Place, Price and Promotion) provides the basic tools for effective marketing. Deploying your resources and informing your managerial decision making is dealt with in Unit VII introducing marketing intelligence, competition, budgeting and organisational issues. The logical conclusion of this effort is achieving sales and the particular techniques involved are explored in the final section.


Author(s):  
Nicholas A. Lambert

By the turn of the twentieth century, British leaders were contemplating the strategic implications of the recent transformation in the global economy now called the first era of globalization. Defense experts worried particularly about Britain’s dependence upon imported food, especially wheat. This chapter explains the internationalization of the global wheat market, focusing on the role of new technologies and important changes in day-to-day business practices. The most significant of these were the spread of commercial agriculture to the Southern Hemisphere, the introduction of grain elevators for wheat storage, and the development of futures contracts. In 1905, a Royal Commission concluded that Britain’s food security problem really lay in the fragility of the new globalized system. The concern was that in wartime the market system might freeze, causing wheat to become unaffordable rather than unobtainable. In reaching this conclusion, the commission exploited early economic theory on the psychology of economic shocks.


Author(s):  
Vanessa Ratten

Purpose The purpose of this paper is to introduce the special issue about entrepreneurial universities. The paper focuses on the reasons for their importance in global communities. Design/methodology/approach The literature about entrepreneurial universities is reviewed with a focus on the role of communities, people and places. Findings Entrepreneurial universities need to consider the people in society in terms of how they relate to learning, education and teaching about new ideas and business practices. Research limitations/implications It is important in the increasingly connected global economy that universities be seen as the drivers of the entrepreneurial society, which helps place people at the centre of educational communities. Practical implications This paper has suggestions for educational managers and business people interested in connecting with entrepreneurial universities and their place in the society. Originality/value This value of this paper is that it includes the main ideas from the special issue in terms of how entrepreneurial universities are fostering a connected society that places people, places and communities at the forefront of the change.


Author(s):  
Steven Kim

Challenging problems both attract and repel us. They frustrate us, accelerate our pulses, cause ulcers, and perhaps even curtail our lifespans. On the other hand, the knotty problems of life offer us food for thought, sustaining our creativity, and adding emotional spice to the human experience. We encounter difficult tasks day in and day out. The solutions to these problems must be sought with resourcefulness and creativity, for until now we have had little insight into the nature of these tasks, and even less into methods for resolving them. This unique book explores the nature of challenging problems in all walks of life, and describes the creative techniques for addressing them. It is particularly relevant for problems that admit no obvious solution, whether they concern scientific knowledge, technology, the arts, or social situations. By understanding the dynamics of problem solving in general, the author argues, we can better organize the pursuit of specific projects. The initial phase involves crystallizing our objectives and developing a coherent plan. The next step is to evaluate the results and determine whether the work should be concluded, begun anew, or given up altogether. With this general strategy, even seemingly overwhelming problems can be approached systematically and efficiently. The author goes beyond the normal distinction between routine and innovative activities, defining the role of creativity in novel decision-making. In addition, he distills the existing literature on creativity, innovation, and project management to present a concise set of strategies and practices that can be applied in a myriad of settings ranging from university laboratories to corporate planning centers. For the sake of concreteness, a number of examples from research and development environments demonstrate the book's basic principles in action, showing how even the most difficult problems can yield to knowledgeable ingenuity. Written in a clear, readable style, Essence of Creativity will appeal to a broad spectrum of readers: engineers, business managers, computer scientists, executives, cognitive psychologists, and educators in many fields, as well as general readers seeking effective ways to handle difficult problems.


2013 ◽  
pp. 97-116 ◽  
Author(s):  
A. Apokin

The author compares several quantitative and qualitative approaches to forecasting to find appropriate methods to incorporate technological change in long-range forecasts of the world economy. A?number of long-run forecasts (with horizons over 10 years) for the world economy and national economies is reviewed to outline advantages and drawbacks for different ways to account for technological change. Various approaches based on their sensitivity to data quality and robustness to model misspecifications are compared and recommendations are offered on the choice of appropriate technique in long-run forecasts of the world economy in the presence of technological change.


Author(s):  
Serhii Voitko ◽  
◽  
Yuliia Borodinova ◽  

The article examines the interaction of the national economy of Ukraine with international credit and financial organizations, evaluates the positive and negative consequences and identifies possible areas for further cooperation. The role of international credit and financial organizations in the development of the global economy is analyzed. Today, international financial institutions have taken a leading place among institutions that provide financial support and contribute to the implementation of necessary reforms aimed at developing enterprises in various sectors of the economy and strengthening the country's financial sector as a whole. The importance of cooperation between Ukraine and international financial institutions for the development of the country's economy has been determined. The problems and directions of development of cooperation with leading credit and financial organizations in modern conditions are identified. Despite the presence of certain shortcomings, cooperation between Ukraine and international credit and financial organizations will continue in the future.


2016 ◽  
Vol 1 (1) ◽  
Author(s):  
Dr. Kamlesh Kumar Shukla

FIIs are companies registered outside India. In the past four years there has been more than $41 trillion worth of FII funds invested in India. This has been one of the major reasons on the bull market witnessing unprecedented growth with the BSE Sensex rising 221% in absolute terms in this span. The present downfall of the market too is influenced as these FIIs are taking out some of their invested money. Though there is a lot of value in this market and fundamentally there is a lot of upside in it. For long-term value investors, there’s little because for worry but short term traders are adversely getting affected by the role of FIIs are playing at the present. Investors should not panic and should remain invested in sectors where underlying earnings growth has little to do with financial markets or global economy.


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