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· Discuss the three pillars of the sustainable business and contrast these with “conventional” paradigms. Be sure to include the concept of economic growth vs. development. Also include a discussion of the impact on the biosphere.
The three pillars of the sustainable business are economic, social, and environmental sustainability. These pillars are often contrasted with “conventional” paradigms that prioritize economic growth above all else.
Economic sustainability refers to the ability of a business to generate long-term financial value and stability. This can be achieved through responsible financial management, cost-cutting measures, and the development of new products or services. In contrast, the conventional paradigm of economic growth often prioritizes short-term profits over long-term financial stability, and may rely on practices such as resource depletion or pollution that can negatively impact the environment and society.
Social sustainability refers to the ability of a business to contribute to the well-being and prosperity of the community in which it operates. This includes factors such as fair labor practices, diversity and inclusion, and community engagement. Conventional paradigms may prioritize profits over the well-being of employees and communities, leading to social issues such as wage inequality or environmental degradation.
Environmental sustainability refers to the ability of a business to operate in a way that minimizes negative impacts on the natural environment. This includes practices such as reducing waste, conserving resources, and using renewable energy sources. Conventional paradigms may prioritize economic growth over the protection of the environment, leading to practices such as resource depletion and pollution.
The concept of economic growth vs. development is also relevant in the context of sustainable business. Economic growth refers to an increase in a country’s gross domestic product (GDP), which is often used as a measure of a country’s economic success. However, GDP does not take into account the distribution of wealth or the impact of economic activities on the environment and society. Development, on the other hand, refers to a more holistic approach to progress that considers not only economic indicators, but also social and environmental factors.
The impact on the biosphere is also an important consideration in the context of sustainable business. The biosphere refers to the part of the Earth that supports life, including the air, water, and land. The practices of a business can have a significant impact on the biosphere, either positively or negatively. For example, a business that operates in a sustainable manner may minimize its negative impact on the environment, while a business that prioritizes short-term profits over sustainability may contribute to environmental degradation.