Due to globalization several parts of the world are influencing each other, thus leading to the incorporation of Eastern and Western thoughts in the architecture of business.
Main trends worldwide
The world today undergoes rapid changes in many areas leaving business and world leaders to face the challenges of climate change, resource depletion, disparity of wealth and possibilities of global nuclear waste. If we focus on the business world we see many trends in society that not only change our view of the way we do business but also require a deeper reorientation of economics, management and the role of the financial sector. Furthermore, due to globalization, several parts of the world are influencing each other, thus leading to the incorporation of Eastern and Western thoughts in the architecture of business. Let us first look at a few main trends worldwide.
About three decades ago companies began initiating business practices in the name of doing good for society, corporate philanthropy or business ethics. Anita Roddick, founder of The Body Shop, was one of the entrepreneurs who promoted fair trade and ethical consumerism. Shell took the initiative by launching the report on the triple ‘P’ for ‘People, Planet and Profits’. They applied the notion of sustainable business practices to a new method of reporting, which measures and analyzes not only the company’s financial goals and results, but also its ecological and social goals.