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Global Economic Difficulties

  • 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 eironment. 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.

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Document Type:Article
Author:Arnis VilksORCiD
Chairs and Professorships:Chair of Microeconomics
Year of Completion:2009
In: The International Journal of Interdisciplinary Social Sciences, 4 (2009) 2, 231-244