People, Planet and Profit

Running head: people, planet and profit
People, planet and profit
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Running head: people, planet and profit
With the onset of globalization and increased urbanization the flow goods and
services are moving trans borders. As quoted by Marshall McLuhan, increasing growth of
the network of communication has “shrunk” in the expanse of the world resulting in the
emergence of the “global village”. The impact of the business in the today’s world can be
felts across political boundaries. Commercial aspects of the business and its possible
repercussion can be recognised around the social, economic and environmental sectors.
Though business is seen as a vehicle to economic progress, it must also keep account of the
stretch of impact it can result. Thus it becomes very important for the business to incorporate
the strategies which will enhance the development of the society not only in the present but
also in the future. Each members of the global economy cannot achieve sustainability in
isolation since it is a concept it requires the participation from every member of the economy.
In order to ensure that the business has sustainable approach in their day-to-day
transaction it is very important to develop a system that can assess the sustainability. The
triple bottom line is an accounting framework within which three parts: social,
environmental and financial. This approach is different from the traditional approach because
it includes the social and the environmental approach. In real life phenomenon, this approach
can be implemented in assessing the community development programmes (
Watson et al., 2017). For instance, the construction of a park in a specific community and its
aftermath impact can be assessed through the TBL model. However, there are problems
related to it because institutions are constantly changing and modifying. Thus, the framework
of Triple bottom line proves to get conservative. Thus, I think it is very important to build an
approach, which will be able to adapt itself with changing time.
The business needs to address the all forms of capital for surviving in the business
environment. There are six kinds of capital, which are as follows: internal economic capital,
external economic capital, natural capital, human capital, social and relationship capital and