Can Humankind Change the Economic Myth? Paradigm Shifts Necessary for Ecologically Sustainable Business

Abstract

Economic wealth is humankind′s most dominant myth. However, this myth must be significantly altered if economic activity and ecological sustainability are to be achieved for posterity. Changing the economic myth means shifting the paradigms which underlie it, and shifting these paradigms means changing the assumptions and values which lie at the heart of business′s relationship to the planet. Research supports the notion that widescale, fundamental change efforts are required to achieve such shifts. Examines the magnitude of the changes which probably will be necessary in order to achieve a truly sustainable society in the future. Discusses the nature of some of the scientific, economic, and management paradigm shifts which need to take place in business organizations before the myth of economic wealth can be truly modified to include Mother Earth.

A critical hermeneutic reflection on the paradigm-level assumptions underlying responsible innovation

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Assessing Theory and Practice in Competitive Strategy: Challenges and Future Directions

“…Such scenarios have sparked scholarly interest in fields ranging from biology to business ethics (Stead & Stead, 1994). This situation is most threatening to society because the same strategy that presents an environmental threat also generates firm profits, thereby fostering its perpetuation.…”

Self-interest and Altruism: Pluralism as a Basis for Leadership in Business

“…Smith's original work linked self-interest to the effective organisation and distribution of economic resources (Stead & Stead, 1994). This ethic was used as the basis for early game and social exchange theory (Van Lange, 2000), in addition to influencing national and state level economic policy around the world (Zutshi, Creed, & Sohal, 2009).…”

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