11. Sustainable development and the role of business

Author: Valeria Sharkova

DOI: 10.22620/sciworks.2020.02.011


Sustainable development has various aspects – managerial, economic, environmental, social. It is an aspiration for politics and way of life of the population and above all – the state of the economy. The concept of sustainable development envisages economic growth that is able to meet the needs of modern society in the long run. The wheel of progress revolves only in conditions of economic freedom, respect for private property and equality before the law, which are provided by the institutional framework. People with hearts and minds – the combination of human imagination and the will to succeed – is the critical resource that provides sustainability. It works most effectively in the face of unlimited exchange of goods and services, access to knowledge and sharing of ideas, and the Internet already removes all the physical barriers to its power. All this happens not despite, but thanks to population growth, consumption of resources and wealth that maintain a closed cycle of pressure and response. Future generations will also need to keep the wheel of progress moving, so the best we can do is to preserve the framework conditions and give them the knowledge and the will.