Global Economic Difficulties

By Martin Kelly and Arnis Vilks.

Published by The Social Sciences Collection

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Article: Print $US10.00
Article: Electronic $US5.00

Throughout most of the 20th Century, business decision makers have been encouraged to focus on short term profit maximisation and shareholder value. This focus requires the exclusion of considerations of the social and political ramifications of business decisions, except to the extent that they impact on the primary focus. This has resulted in global decision outcomes which many people would consider suboptimal, if considered from a socio-political perspective. The purpose of the paper is to encourage business decision makers to recognise their more holistic responsibilities for decision outcomes in today’s global business environment. To illustrate the need for such responsibilities, the global stakeholder group of Islam is examined. The authors acknowledge that they are not religious scholars and have no direct knowledge of the Islamic faith, but they rely on published literature and statistical data to inform their readers. It is hoped that the paper will encourage readers to become more prepared, and better able, to comprehend the effects of business decisions on less obvious global stakeholder groups. We conclude by suggesting that Corporate Social Responsibility should be encouraged in Western boardrooms, where individual decision makers must be aware of global responsibilities. Otherwise the longer term repercussions might be disastrous.

Keywords: Global Business, CSR, Islam, Decision-Making, Ethics

International Journal of Interdisciplinary Social Sciences, Volume 4, Issue 2, pp.231-244. Article: Print (Spiral Bound). Article: Electronic (PDF File; 1.170MB).

Dr. Martin Kelly

Joint Chair, Department of Accounting., Waikato Management School, The University of Waikato, Hamilton, New Zealand

Martin is a fellow of the Association of Chartered Certified Accountants. He is also a Chartered Accountant, New Zealand. He holds a doctorate in Accounting. He has published in excess of 100 academic works. He teaches courses in ‘Organisation & Society’ at both the final year undergraduate level and postgraduate level. These courses critically assess the use and abuse of Accounting in the contemporary business world. Martin has taught on MBA courses at: Waikato University, Massey University, Leveun University (Belgium), Liverpool University (UK). His current research interests are: Philosophy of Management, Sustainability, Stakeholder Management, CSR and Business Ethics.

Dr. Arnis Vilks

Professor of Economics and Chair of Microeconomics, HHL - Leipzig Graduate School of Management, Leipzig, Germany

Arnis is professor of Economics at the Leipzig Graduate School of Management, where he served as Dean from 2000 to 2005. His has done research mainly on philosophical and methodological issues in Economic Theory, such as aggregation theory, the notion of equilibrium, or logical and epistemic foundations of Game Theory. His recent research has moved into more qualitative areas in the interface between Management, Economics, Political Science, and Philosophy. He has taught or held visiting positions at the universities of Hamburg, Cologne, Cambridge, Riga, Stanford, and he spent two recent periods of sabbatical leave at Waikato Management School in New Zealand. This paper was produced during his recent visit.

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