Business and Society: A Symbiotic Relationship

Mathew J. Manimala, Princy Thomas and Neetha Mahadev

Chapter 1 in Business and Society:Issues and Cases in the Indian Context, 2024, pp 3-52 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Business can be a for-profit, not-for-profit or hybrid organization. But all these businesses focus on the satisfaction of their stakeholders. Although many businesses adopt a limited perspective of their stakeholders, focusing primarily on the interests of their investors, customers and, in some cases, their employees, it is a fact that the long-term sustainability of any business will depend on its contributions to the society. The long-term objective of all businesses is to serve and support the society and contribute to the socioeconomic development of their people. Therefore, this chapter presents a comprehensive review of the relationship between business and society, with special reference to the three main types of businesses: commercial businesses, social enterprises and non-governmental organizations. As in the case of biological systems, the relationship between business and society may be characterized predominantly by one of the three types of symbiotic relationships: mutualism, commensalism and parasitism. However, the successful co-existence of business and society, in the long run, would depend on the degree of mutualism in their relationship.

Keywords: India; Indian Business And Management; Corporate Social Responsibility; CSR; Industrial Symbiosis; Circular Economy; Industrial Symbiosis; Social Entrepreneurship; Sustainability; Innovation; Indian Diaspora (search for similar items in EconPapers)
JEL-codes: L26 M1 M14 M16 (search for similar items in EconPapers)
Date: 2024
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