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Sustainable Development
The Contemporary World (Universidad de Manila)
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SUSTAINABLE DEVELOPMENT
Stability
• Being able to maintain stability or the fortitude to weather disruptions that
may cause a change in the condition of balance.
• Condition of being stable, characterized by resistance to change and
absence of susceptibility to significant shifts in status.
• The qualities of firmness in position, permanency, and resistance to change,
particularly in a manner that is disruptive are included of stability.
• The rule of law, the prevalence of strong institutions rather than powerful
individuals, an effective bureaucracy, a relatively low level of corruption,
and a business climate that encourages investment are all indicators of this
(Hussain, 2014).
Sustainability
• Means satisfying our own requirements without jeopardizing the capacity
of subsequent generations to do the same in terms of the environmental,
social, and financial resources available to them.
• A compromise between the requirements of today and those of future
generations, particularly their requirement for an environment that is both
safe and healthy.
• Instead of focusing on a system's short-term resistance to change,
sustainability looks at its ability to continue functioning over the long run.
• Its a commitment to social advancement, environmental harmony, and
economic prosperity. A call to action to preserve the natural world and
maintain the health and happiness of people in every region of the world
is what we mean when we talk about sustainability. To create a society that
is more sustainable, there must be collaboration between individuals,
corporations, governments, and all countries.
Aspects of Stability
Economic Stability
• The matter of preventing economic and financial crises, as well as
significant swings in economic activity, high inflation, and excessive
volatility in foreign currency and financial markets. Uncertainty can
increase, investment can be discouraged, economic progress can be
stifled, and living standards can be reduced when there is instability
(IMF,2021).
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• Entails a method of production that can meet the demands of the current
levels of consumption without sacrificing the requirements of the future
(Basiago,1999).
• In this context, "green" refers to techniques that encourage long-term
economic growth without having a negative influence on the social,
environmental, or cultural components of the local community (University
of Mary Washington).
Political Stability
• The state of the government in which there is no likelihood of an uprising
occurring since there is right governance in place, citizens are happy with
their lives, leaders are not corrupt, and citizens profit from all of the policies.
• The tendency of a government to fall, either as a result of internal strife or
as a result of excessive competition between the various political parties is
referred to as political instability (Hussain,2014).
• Stability in the political system has a significant impact on the rate of
economic growth because of the sort of governance it makes possible
(Hussain,2014).
Environmental Stability
• Interacting with the earth in a responsible manner so as to preserve its
natural resources and avoid risking the ability of future generations to satisfy
their requirements is essential (Evans, 2020).
Social Stability
• Concepts pertaining to equity, empowerment, accessibility, participation,
sharing, cultural identity, and the establishment of stable institutions. It
intends to achieve its goal of preserving the environment through fostering
economic expansion and working toward the elimination of poverty
(Basiago,1999).
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Models of Global Sustainable Development
Complexity Approach to Market
• The most essential and foundational component of economies are their
respective markets.
• The very nature of complex systems is such that they exhibit emergent
properties. The challenge of conducting market research in this
environment is to be able to understand the emergent properties of
complex systems in a way that enables decision makers to make informed
decisions and monitor the impact of those decisions over time.
• Toolkits are necessary in order to provide businesses with the ability to
comprehend the complexity of the issues with which they are confronted
on a daily basis and to make decisions that are in their best interests.
• The velocity of change is accelerating at an ever-increasing rate, and the
volume and breadth of information that is readily available to help decision
makers is expanding at a rate that defies comprehension. These shifts are
forecast to take place in the present century, which will be very different
from the centuries that came before it.
Pluralism of Development Models
• A system as well as a set of beliefs that encourage and support
multiculturalism, religious tolerance, and variety.
• Since the beginning of time, pluralism has been the subject of debate since
practically all cultures struggle with the conflicting values of diversity and
uniformity.
Convergence of Economies (Free-market & Neoliberalism)
Deregulation
• Public demonstrations of the severity of the crisis affecting global economic
systems led to the imposition of the idea of national deregulatory policies
in the absence of viable alternatives.
• The establishment of market-based institutions' development agenda has
come under severe fire (Head, 2008)
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Ineficiency
• A focus on the short term and an increased sensitivity to economic risk have
become increasingly prevalent, which directly threatens sustainability.
• Competitions in the free market were the root cause of both economic and
social stratification.
Illegitimacy
• There is a lack of social coordination in neoliberal markets, and these
markets do not protect the welfare of their constituents.
• In the lack of legitimacy, there is no possibility of achieving social justice.
Varieties of Capitalism
Liberal Market Economy (LME)
• The strategic focus of markets is placed on resources that are efficient, such
as capital, labor, and expertise.
• The correct incentives are communicated, and radical innovations are
generated as a result of the company's extreme receptivity to new
concepts and products.
• The labor market is allowed to experience dynamic relationships thanks to
the limited rules.
Coordinated Market Economy (CME)
• The transactions are more reliable and geared toward the long term.
• When companies and labor markets work together, it results in increased
safety and better social coordination.
• Workers are hired on a permanent basis and required to have exceptional
skills in order to generate inventions of a better grade.
Pluralism & Sustainable Development
• It is hoped that alternative economic philosophies to liberalism, such as the
ideology of sustainability, will make it simpler for economists to tolerate one
another and even work together when they come from different
ideological orientations. One feature of pluralist development is the
proliferation of a variety of ideologies (Soderbaum, 2012).
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Approaches to Growth
The Roll Over Effect
• The modern forms of capitalism that have emerged in the past two
hundred years are predicated on the idea that the economy will continue
to grow.
• Everyone will benefit more from increased production of products.
More Growth
• When analyzing the economy of a country, the gross domestic product
(GDP) is still the most essential point of reference.
• The advancement of technology is another factor that contributes to
growth.
Amended Growth
• It views the GDP index as an important measurement of human
achievements, but it must be coupled with other indexes that imply
characteristics of quality of life and sustainability in order to be meaningful.
End of Growth
• It is believed that the global economic systems have reached their final
form in their known form.
• The most recent wave of innovative industrial techniques might be
successful for the economy of wealthy countries, but they might be
unsuccessful in those of emerging countries.
Stability refers to a system's firmness in position, permanence, and resistance
to change, particularly in a manner that is disruptive, whereas sustainability is
concerned with a system's ability to continue existing over a long period of time
as opposed to its short-term resistance to change.
As a result of the failings of neoliberalism as an approach to global sustainable
development, a sophisticated pluralism of development models has emerged.
This model is composed of different forms of capitalism.
The term "Gross Domestic Product" (GDP) refers to a monetary measurement
that is used to determine the market worth of all of the final goods and services
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that are produced in a certain period of time. It also functions as a measurement
in the expansion of a certain nation and the economy of that nation.
The complexity of business strategies and approaches to the market is an
unavoidable shift that is brought about by the natural progression of time and
technology. Toolkits are required if we are to have any hope of comprehending
and gaining an understanding of the complex system that has emerged in this
century.
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