Revitalizing Development and Business Models for Inclusive Growth

Abstract

This conceptual paper explores the intricate relationship between economic and political philosophies and the evolution of business models. It delves into the challenges posed by the current business models, analyzing their impact on inclusive growth. This paper advocates for a humanitarian approach in developmental planning, emphasizing the need for a delicate balance between economic priorities and societal well-being. The introduction sets the stage for an exploration of the symbiotic relationship between the developmental model and the evolving business paradigm. It underscores the challenges embedded in the present business model, calling for a holistic reevaluation that transcends economic considerations and incorporates societal and environmental imperatives. The subsequent section delves into the historical evolution of business models, elucidating how economic and political ideologies shape prevailing paradigms. From mercantilism to the neoclassical synthesis, each phase reflects the interplay between political ideologies and business dimensions, influencing societal structures. The paper then shifts focus to contemporary challenges in sustainable development, emphasizing issues such as freshwater depletion, industrial pollution, climate change, social disparities, overconsumption, loss of biodiversity, and unsustainable agricultural practices. It underscores the urgency for a paradigm shift in economic, political, and social systems to foster collaboration for a resilient and harmonious future. Identifying challenges within the present business model, the subsequent section discusses inappropriate marketing, packaging, financial, and advertising practices, along with issues of employee discontent, environmental neglect, and a lack of concern for the future. The exploration of an alternative business model takes center stage in the final section, presenting evolving ideas such as relative economics, the Gandhian developmental model, Chinmaya Vision, and the concept of a green economy. In conclusion, the paper posits that as businesses continue to evolve, the adoption of alternative models offers a promising avenue for a more sustainable, inclusive, and harmonious future. It underscores the need for further research and practical implementations to reshape the business landscape toward a more equitable and resilient world.