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However, private enterprise has also been the source of various social problems due to the selfishness of companies in order to become successful. Political leaders have come up with policies that…
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ARTICLE SUMMARY al Affiliation ARTICLE SUMMARY Capitalism has been used as a survival approach by organizations inthe society. However, private enterprise has also been the source of various social problems due to the selfishness of companies in order to become successful. Political leaders have come up with policies that favor production rather than the safety of the society on behalf of profit maximization (Porter and Kramer, 2011). Capitalism has been used to build wealth without considering the society. The broader society has become a victim of capitalism whereby firms have consumed most of the natural resources in production while they pollute the environment with harmful products.
Consequently, shared value has been used to balance economic and societal progresses. Global firms with large turnovers have adopted the approach with the aim of acquiring competitive advantages. Products have been reconceived and redefined through innovations to ensure safe and pollution-free societies while maximizing profits (Porter and Kramer, 2011). The principle of shared value should be employed by all firms by changing decisions and business opportunities. Shared value may cause an increase in internal company costs. It has enhanced competitiveness with an aim of advancing social and economic conditions in environments where firms operate.
Corporate responsibility programs have been because of external pressure from the society (Porter and Kramer, 2011). However, social needs may also indirectly define markets due to the costs incurred in conserving various societies. It has also affected productivity levels in companies due to the strategies being adopted. Competitive advantage also depends on societal needs such as employee conditions and environment impacts. As a result, social entrepreneurs have come up with innovations that include social and environmental-friendly products.
Reference List
Porter, M.E. & Kramer, M.R. 2011. Creating Shared Value: How to reinvent capitalism and unleash a wave of innovation and growth, Harvard Business Review, Jan-Feb 2011. Read More
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