Question

what impact has sustainable business development or business sustainability had on Globalization? Often times businesses don’t respect their surroundings, especially when the do businesses in less developed countries. They do the bear minimum (if anything at all) because the regulations are not as stringent as the laws of first class countries like the United States). What can be done to resolve this issue?

Answer 1

Sustainable business development has spread the sustainability practices across the value chain and components of the value chain, has been present in different parts of the world. As a result, business sustainability has reached out to different parts of the world through the spreading of the globalization. So, business sustainability has added values to the globalization and it can be said that globalization has spread the idea of sustainability and countries are learning from each other w.r.t. the business practices that are ethical, environmental friendly and stake-holders based. For example, a company Starbucks applies sustainable business development across the value chain and farmers in the country of Brazil, also follow the ethical means and practices to harvest coffee beans.
It is true that companies doe mare minimum w.r.t. the sustainability practices, in the less developed countries, than the developed nations such as USA. It can be resolved using different methods. The first method is to pass the regulation on the line of the Foreign Corrupt Practices Act, of the USA in all the countries to make the MNCs follow a common set of best and sustainability practices in each of the overseas locations so that environment and ecosystem is saved. A general consensus should also be developed in in the business community. The second method is that international organizations such as IMF and World Bank should create a sustainability development template and it should be given to the countries to implement it. It will make it mandatory for the companies to do their best and don’t get the benefits of weakened regulatory framework. The third method is to generate local awareness among the people accept only those companies who work for the community, environment and ecology system.
These methods will bring change and MNCs will work with more responsibilities.