The paper "Concept of Sustainability and its Relationship to the Triple Bottom Line" is a good example of business coursework. The aim of this essay is to examine whether the neoliberal and globalised capitalism can be reconciled with the concept of sustainable economic development. As a way of answering this question, a brief review of the concept of sustainability and its relationship to the notion of the triple bottom line for organisations is presented. Also, a brief review of the globalisation, its driving factors, process and effects are presented. Lastly, the question of whether the concept of sustainability can be reconciled with the current form of capitalism which is characterised by globalisation and neoliberal politics is addressed. The Concept of Sustainability The concept of sustainability arises from the nature of capitalism, which is to grow capital.
In general, business organisations under the capitalist system are concerned with maximising profits by efficiently utilising their resources and reducing the costs that they incur in the course of their operations. Because business organisations operate in societies that are shaped by political, social and cultural values, business organisations have an influence on these factors of the society.
Similarly, the operations of business organisations affect the various aspects of the societies in which the businesses exist. It is important to note that sustainability is not restricted to business organisations. Given that the activities of many other parties in the society affect the activities of business organisations, it follows that businesses, governments other parties are stakeholders to the issue of sustainability. In general, sustainability is defined as the approach to development that is characterised by the need to utilise resources carefully so that the motivation for making profits in the current times does not undermine the ability of the current and future generations to make profits in the future (Zollinger, 2007, p.
4). From this definition, it can be seen that the concept of sustainability defines the approach that should be used in the pursuit of development. The focus of development, under the approach of sustainability, is to utilise resources with a focus on preserving the capacity of the resources to support the economic development of future generations. Neag and Bucata (2015, p.
18) note that the concept of sustainable development presupposes various approaches to the process of economic development. The same authors argue that under sustainability, the focus is on creating an environment that is compatible with the physical, social and economic environment. Also, the focus of sustainable development is on ensuring that organisations can make profits over the long-term (Neag & Bucata, 2015, p. 19). Thus, it can be seen that the concept of sustainability emphasises the need for the process of economic development to strike a balance with the other competing needs of social wellbeing and preservation of the environment. The Relationship between Sustainability and the Triple Bottom Line The notion of the triple bottom line refers to the approach that organisations should take when carrying out their business activities.
The essence of the concept is that the objectives of organisations should be concerned with three key issues: the ecological environment, the welfare of the societies in which the organisations operate and the need for the organisations to be profitable (Wild & Wild, 2015, p. 31). Therefore, the triple bottom line notion means that instead of organisations being solely concerned with how to maximise their financial profits, they should focus their attention on how to address the environmental and welfare issues of the societies in which they operate.
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