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Case Study on Business and Society

   

Added on  2020-05-16

7 Pages1746 Words35 Views
Materials Science and EngineeringEnvironmental Science
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Running head: BUSINESS AND SOCIETYTopic: Business and SocietyName of the Student:Name of the University:Author’s Note:
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1BUSINESS AND SOCIETYIntroductionEverything that is required for survival and societal well-beings, directly or indirectlydepends on our natural environment. The conditions that are required for coexistence of humanand nature are fulfilled by sustainability. Schaubroeck et al. (2015) pointed out that sustainabilityconstructs the biological system, which endures diversity and productive nature. However, in this21st century, even though nations are trying hard to meet sustainable future, confronting factorsrelated to economy, policy, awareness and ignorance are acting as hindrance. Therefore, thisessay will discuss whether sustainability is a realistic objective for society through criticalanalysis by using the three pillars of sustainability model. The views from different authors willbe discussed and based on that the arguments will be developed.Evaluation of Sustainability as a Realistic ObjectiveAccording to Thwink.org (2018), the three pillars of sustainability are comprised ofeconomic, social, and environmental factors. Most of the nations try to focus on one particularpillar at a time, based on the highest magnitude of severity. The actionable authorities havealready set up several programs such as United Nations Environmental Programme (UNEP) andEnvironmental Protection Agency (EPA) for environmental pillar; World Trade Organization(WTO) and Organization for Economic Cooperation and Development (OECD) forenvironmental pillar. However, nations are not able to reach at the significant level ofsustainability.Achieving economic sustainability is the most challenging for a nation as it depends onGross Domestic Product (GDP), which is further completely dependent on land, labor andcapital. According to Aurel Marin et al. (2013), developing nations are trying to revise the tax
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2BUSINESS AND SOCIETYrate so that government is able to restructure industrial infrastructure where India being one ofthe best example. On the other hand, Barnett et al. (2015) contradicted that economicdevelopment has resulted in information technology development, which even though helped ininnovation but resulted in reducing job opportunity because of higher rate of cross-borderoutsourcing. According to Thwink.org (2018), India and China can never become economicallysustainable because of poor ecological footprint. The average GDP per person is extremely lowfor India as compared to other developed countries. Poor infrastructure, low income level, lowstandard of living, poor job opportunity, changing government, poor laws, less exposure andexchange rate are the factors that act as challenges for economic sustainability. Furthermore,Wagner (2015) argued that people of a developing nation where more than sixty percent ofcitizen are under poverty threshold does not agree to pay taxes and even business person try toditch taxation rules through policy loopholes. Such a gap in government income has resulted inpoor economic sustainable approach.According to Fernandez-Feijoo et al. (2015), independent firms and private ownershipshelp in developing society by developing new job opportunities and experiences that lead toinnovation. With industrialization more diverse workforce is getting accumulated in differentparts of world, which helps in developing strategic purposes. Employees are getting new jobexposure that helps in global market diversification. Social sustainability is dependent on thequality of lifestyle that not only indicates basic need mitigation but also comfort and passion.However, Siltaoja (2014) argued that private firms try to squeeze out the maximum from anemployee out of the total working hours, which often affect work life balance. Due to extremework pressure employees have become non-cohesive with their interactive circle. Governmentsare failing to fulfill, respect and protect progressive human rights regarding what businesses
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