Economic Growth and Poverty Reduction
Discuss about the Corporate Social Responsibility of Business.
This article harps on the fact that poverty has risen in various countries around the world within the last thirty years. Economic growth can play an important role in the reduction of poverty and the business can also lend their helpful hand that can be instrumental in removing poverty in the society. Business can play an important role in reducing poverty within the civic society. This article discusses that civil society is often not equipped with the resources that can help in providing products along with services to the people who are poor. This article states that the organization can create various kinds of employment opportunities which is suited for the poor people. The article states that, “The multinational company thereby becomes a major vehicle to carry the have-nots toward ‘take-off’ and the haves into frontier fields. As such it is an unmatched force for peace” (Kolk, 2016, p. 24). It suggests that business have an important role to play within the society in building facilities that can put the have-nots into a privileged position. The business knows that they can achieve the investment goals if they function within a healthy environment. The article explores how the firms are supporting the development initiatives which goes beyond that of providing goods or services. The business provide medical care along with educational opportunities for the poor people that can help in alleviating the misery of the poor people. The corporations within the rich countries can promote the aspect of improved labour that can help in uplifting the social condition of the people. There are many children in the world who are illiterate and the business can take an active role in educating them that can help in removing the factor of poverty prevailing within the social structure.
This article discusses how the homeless youth having high rate pertaining to unemployment have a negative effect on their emotional along with physical health. This article used nine focus groups along with interviews that helped in gleaning important information about the disadvantaged youth. The business should address poverty along with health outcome that can prove to be of great use in uplifting the social condition of the people. The business can help the youth in closing technology gap that can help the poor students I getting access to education. The article states that, “Youth envisioned entrepreneurial development activities would inspire a range of health protective behaviours by minimizing poverty-related depression, hopelessness, and anxiety” (Jennings et al., 2015, p 39). The article brings out how the actions taken by the entrepreneurs can act as a crucial force in reducing depression and hopelessness within the society. The business can help the youth in building a positive attitude that can help them in their professional development. This can pave the way for providing employment to the youth that can help them in combating poverty along with homelessness. This article states how the business can simplify problems by staying close to that of poor neighbourhood. The business will be able to communicate with leaders of the different communities that can help them in understanding the problems of the people. This article states how the organizations can co-operate with the neighbourhood bank that can help them in providing support to the young people. The business working with that of the low-income community can help in benefitting the poor people and it can be of great help for their family structure.
Role of Business in Reducing Poverty in the Civic Society
Homelessness within the public space presents an issue that is complex for the management effort. This article focusses regarding how the business communities can take approach that is punitive that can help in reducing homelessness within the society. The article states that, “Grand challenges are formulations of global problems that can be plausibly addressed through coordinated and collaborative effort” (George et al., 2016, p 88). It states how the organizations can play an active role in mitigating poverty and illiteracy in the society. This paper made use of mixed method that combines data collection along with survey analysis that can help in revealing crucial factors about the issue of homelessness. This article discusses that Business Improvement District (BID’s) can balance the traditional roles with alternative ones that can help in mitigating homelessness in the society that can improve the condition of the people. Business improvement district refers to a definite area when the business has to pay additional tax that can help in funding projects in the boundaries of the districts. This article stresses on the fact that services like cleaning of the streets and the construction of pedestrian enhancement can prove to be of service for the wider society. The research limitation has been presented by the fact that the number of BID was much less that can pave the path for the research result lacking generalizability. This article focusses on the fact that a co-operative approach taken by BID’s can help in addressing the factor of homelessness. The BID can enter into partnership with public service sector that can prove to be of use for them.
This article harps on the fact that there exists a large number of people within the world who have to suffer on account of poverty. The article talks about the fact that subsistence entrepreneurship can help in the creation of different kinds of ventures that can empower the people that can help them in breaking out of the factor of poverty. There are different kinds of mechanisms that are made use of by the entrepreneurs like microlending that can help the business to provide life essential to the needy people. This article states that, “Approximately 1.7 billion people in Asia live in poverty today”. It necessitates that business should take certain initiatives in removing the social evils of poverty and homelessness from the face of the earth (Bruton, Ahlstrom & Si, 2015, p 21).This can lead to the generation of capital that can come to be of use for the entrepreneur and at the same time uplift the condition of the poor people. The entrepreneurs can run different kinds of establishments like orphanages that can be instrumental in improving the lives of the people. The entrepreneurs can pay funds that can help in setting up school for the poor children. This article asserts how the sponsored programs can help in educating the poor people about hygiene that can elevate the living condition of the people. This article discusses that the entrepreneurs setting up foundations can help in diverting the profit towards the aspect of community development.
This article states that business has a responsibility towards the society and they have to serve people beyond the shareholders that can help in elevating the reputation of the business. This article discusses how the corporations addressing the societal challenge can be of great benefit for the wider society. The article talks about the importance of corporate social responsibility by stating that it is “a mechanism to energize and motivate stakeholders” that can also help in tackling the societal challenges (Wang et al., 2016, p 36). The article brings out how the dedicated organizational unit can help in managing the social obligation and contribute to the welfare of a large number of people in the society. The dialogue in the organization has shifted from that of simplistic justification pertaining to the financial outcome to other kinds of sophisticated views. The corporate social responsibility in an organization can help in providing motivation to the stakeholders and it can help in managing the perceptions of the society. This article illuminates how commitment to the environmental issue can help in elevating the image of the company in front of the world. The business strategists of an organization should be able to make significant changes within the company that can help them in managing the social along with economic impact. This article states how abiding by the terms of sustainability can help an organization in making profits in the long run.
Bruton, G. D., Ahlstrom, D., & Si, S. (2015). Entrepreneurship, poverty, and Asia: Moving beyond subsistence entrepreneurship. Asia Pacific Journal of Management, 32(1), 1-22. doi: https://doi.org/10.1007/s10490-014-9404-x
George, G., Howard-Grenville, J., Joshi, A., & Tihanyi, L. (2016). Understanding and tackling societal grand challenges through management research. Academy of Management Journal, 59(6), 1880. doi: https://doi.org/10.5465/amj.2016.4007
Jennings, L., Shore, D., Strohminger, N., & Allison, B. (2015). Entrepreneurial development for US minority homeless and unstably housed youth: A qualitative inquiry on value, barriers, and impact on health. Children and Youth Services Review, 49, 39-47. doi: https://doi.org/10.1016/j.childyouth.2014.12.018
Kolk, A. (2016). The social responsibility of international business: From ethics and the environment to CSR and sustainable development. Journal of World Business, 51(1), 23-34. doi: https://doi.org/10.1016/j.jwb.2015.08.010
Wang, H., Tong, L., Takeuchi, R., & George, G. (2016). Corporate social responsibility: An overview and new research directions: Thematic issue on corporate social responsibility. Academy of Management Journal, Vol. 59, No. 2 doi: https://doi.org/10.5465/amj.2016.500
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