Globalization and Sustainable Development Essay - 1981 Words

Over the past few decades there have been discourses both in favor and against Globalization’s capacity to guarantee a sustainable future. Authors attest societies and businesses’ inability to account for ecological and environmental limits when dealing with economic growth, examples of this are some of the traditional business metrics used by most global companies, and nations’ measure of wealth (GDP); both sides heavily resting on economic factors, fail to account for societal and environmental concerns (Byrnea Gloverb, 2002). Other researchers point at the intensive use of resources, especially by global corporations; such as the increasing and careless consumption of fossil fuels, water, precious metals, etc. leading to a rise in GHG†¦show more content†¦These interrelationships are especially volatile in business settings (Toscano, 2003) This paper will deal with Globalization’s environmental, social and economic implications, (with a focus on global sourcing, supply chains and CSR) for business managers and will identify and evaluate company specific best practices. Business implications The issue of Globalization and sustainable development brings to the table a whole new set of business risks. Managers of global enterprises need to be able to fully understand and cope with these risks. According to Christopher et. al (2011) paper, organizations with global supply chains must deal with 5 different categories of risk: supply risk, process risk, demand risk, control risk and environmental risk (see Exhibit 1) other similar categorization further develops the environmental risk into: policy risk, resource risk, macro risk (Manuj Mentzer, 2008). Failing to appropriately manage these risks may lead to: a loss in firm’s credibility and legitimacy, discords between the firm and its stakeholders and others (Cousins, Lamming, Bowen, 2004) Due to the nature of this paper we will only concern ourselves with the fifth and last risk; environmental risk i.e. cultural differences, negative impact on sustainability and CSR and increase in policies and regulations. Examples of these maybe: quota restrictions, cap and trade, unanticipated resource requirements, tax penalizations among others. 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