Economic growth and social inclusion involve the ability of economies to nurture employment of all its resources so as to drive sustainable growth.
The environmental factors in this context include the paramount issues of education, population dynamics, conflict, and resources. It is evident that for an economy to be able to be stable it has to be able to employ all its resources to its capacity. Also, resources must be available so as to allow the mobility of the factors of production (Kabisch, N., Qureshi, S. and Haase, D., , 2015. , p.27) It is imperative that resources should be available so that there is a continuous supply of goods and services. Resources also pertain to the issue of employment of labor and its productivity.
The population, on the other hand, should be able to provide the required level of labor supply. The population growth should also be that which matches the productivity of the economy so that the overall expenses of the economy do not exceed the resources of the country (Gadotti, 2016, p.14). Also, it is of importance that an economy must be stable politically so that factors of production can freely move from one place to another. It should be noted that the stability of a country shapes the economic activities that can be sustained. If the government supports the economic activities, then it will actively participate in the expanding of the economy. The government can engage in the growing of its economy through engaging in fiscal policies such as increasing its expenses and reducing of taxes.
Lastly, education is also a crucial aspect of the economy where it prompts the ability of the employees to acquire the right skills to be utilized in the operations of the company. Education affects social inclusion where the economy segregates regarding the competencies that are available. A company only absorbs individuals that can fit in the right jobs matched with the right skills.
The social factors of economic growth and social inclusion include levels of literacy amongst the citizens. In the case that the literacy levels of individuals are high, then it is evident that the levels of labor productivity will increase because of the improved competence levels at the workplace (Flora, C.B., , 2016, p.43). That will necessitate the efficiency in operations through the integration of the skilled workers together with the efficient machines that will increase the output productivity level in the country that are always a subject of low costs and full capacity utilization of the available resources.
The other critical factor that should be considered is the life expectancy levels in the countries. In the case that the life expectancy is limited to a very short time due to uncontrollable factors such as the emergence of fatal diseases, then it is evident that the government will spend a lot of money in meeting the costs associated with the eradication of the diseases. Fewer funds budgeted in other crucial economic expansionary factors (Cajaiba-Santana, 2014., p.43). Also, if the life expectancy levels of an economy are small, then it is also implied that the labor supply is limited and thus full employment will not be achieved to promote economic growth.
The other factor to consider would be the freedom of association. If there is the free interaction between individuals, then it is an indication that there will be an active interaction at the workplace. Where one can work at any place in the world without being the subject of discrimination, then prosperity is stirred (Seligman, M.E. and Csikszentmihalyi, M.., 2014, p.282). Lastly, the levels of employment also aid in the determining of the strategic decisions that employees make in their decision to work for a particular institution. For instance in the case where full employment is not achieved, then it is obvious that the employees will find the companies to be uncomfortable for them and thus they may seek to work for a company that will fully utilize the skills that they possess. The condition of full employment creates a chance for the attainment of economic growth and social inclusion.
The economic elements that will pertain to the economic growth will be the prices of commodities, the GDP levels, and the interest rates. If the GDP levels in a country are high, then the government will be in a position to be able to cater for expenditure in the country (Lorek, S. and Spangenberg, J.H., 2014.., n.d., p.35). When a country operates on small foreign debts, then it will be able to sustain its economies for a lot of money will be used in the promoting of the most productive sectors of the economy. Such economies will have a surplus balance of payments that will be an indication of prosperity.
It is also worth to mention that the prices of commodities are an important factor in determining the rate of economic growth. In the case where economies are stable with low inflation rates then it is relative that the prices of goods and services will also be predictable. How the prices of commodities fluctuate, determine the stability of those economies (Kuznets, 2016, p.21). The inflation rates are set by the demand and supply factors such as shortage of Goods and services, demand for high wages by labor unions and also the issue of hoarding of commodities to take advantage the prices of commodities increase (Epstein, M.J. and Buhovac, A.R., , 2014. , p.19). It is thus imperative for governments and the monetary controlling agencies to take note of the particular regulations that may be viable during the hard economic times.
In the case of the interest rates, then it is vital for the concerned agencies to regulate interest rates in the financial institutions, to be those that can support development, for instance, leading to increased investments (Hollifield, J., Martin, P. and Orrenius, P., , 2014, p.16).To add on, the interest rates imposed can determine the crowding out of the private sector in the case of high-interest rates in the economy. The interest rates are used as a regulatory mechanism in the dealing with the economic problems that occur from time to time.
Two major ethical problems which are strongly connected with your chosen global sustainability issue
Exploitation of the marketing industry and the dishonesty among the members of organization (Crane, A. and Matten, D., , 2016, p.31)
The two ethical issues directly related to the economic growth and social inclusion in that the goods and service providers most a times engage in manipulating mechanisms that force individuals in making decisions that if they were left to think about them rationally, they could not have done them. Utilitarianism theory applies in this context in that it focuses on doing what is seen by the majority as good (Geoff,L., and Robert,C., 2015, p.30). An act which to a great extent will reduce the level of harm that may have occurred if the direct opposite decision may have been chosen. In the case of the dishonest members of the organization, it may be unethical to be dishonest say in the recording of the transaction or in the reporting of the profits incurred in the light of the consequences that may be incurred if the right information was reported. The theory also is relevant on the manipulation and exploitation of the customers so as to achieve high profits (Geoff,L., and Robert,C., 2015, p.47).
The consequences of duping the customers to buy the products through manipulating their decision-making process so as to increase sales are also unethical. It is important. The theory gives light in the way the ethical problems are brought about. It is clear that if the consequences of the decision are advantageous, then it is clear that the moral fact is the best. The theory can be disputed in that, a decision may be accepted by a large group of people, but at the same time, it may be unethical when looked at in a wider perspective.
When the economic prosperity is based on the utilitarianism theory, economic prosperity may be achieved, but at the same time, it may prompt unethical practices that may tarnish the image of notable organizations that were significant contributors to a sustainable gross domestic product of an economy. It is thus imperative that unethical problems such as dishonest in reporting and exploitation during advertisements should be reduced so that the economic growth is not tied to vices that breach the accepted ethical principles (Geoff,L., and Robert,C., 2015, p.47).
The theory to some extent applies if at all the consequences of the ethical issue are those that have no damage at all to the society. Economic growth and social inclusion will be met if the ethical guidelines are adhered to diligently. For fairness and accountability to reign then there must be an element of dedication to follow what is right despite what the greatest number of people holds so high. The theory contributes to unethical practices that inhibit strategic and continuous achievement of global sustainability through the ethical issues that it addresses.
The persuasion of economic growth and social inclusion has stirred a lot of opportunities and opportunities. To start with the threat that is significant such as environmental degradation. Environmental degradation may result from the excess exploitation of the available resources in the bid to maintain the ever increasing demand from the escalating population growth rate (Baumgartner, R.J., , 2014, p.260). Most of the resources are nonrenewable, and thus the careless utilization of resources poses a threat to the existing industry due to the scarce factors of production.
The other threat is the inability to retain competent staff. It is imperative to note that most of the organizations face the threat of having its well-trained employees drained to other economies which offer better salaries and also have conducive working environments. It is worth it also to consider the risk of political instabilities that is being experienced by many states (Levine, A.S., Alpern, R.J., Andrews, N.C., Antman, K., Balser, J.R., Berg, J.M., Davis, P.B., Fitz, J.G., Golden, R.N., Goldman, L. and Jameson, J.L., , 2015, p.289). The problems are uncontrollable because of the complexity of the issues that arise. Social inclusion subscribes to the threats of incorporating the diverse cultures at the workplace. With globalization, multiculturalism has been part of the threats that affects the efficiency of the operations at the workplace.
Lastly on the threats, is the ever fluctuating interests due to various macroeconomic factors such as inflation rates and the stability of the economies. These threats bring the biggest worries to those that are involved in activities that will make the global world sustainable. The threats slow down the rate of attainment of the noble responsibility of achieving social inclusion and economic growth. The opportunities include the ability to explore new markets and developments of new products to meet the ever-changing tastes and preference of the customers (Bocken, N., Short, S., Rana, P. and Evans, S.., 2013. , p.492). And also the ability to make a lot of profits through the economic integration that occurs due to international trade.
Your chosen global sustainability issue will contain multiple causes of unsustainability and will create actions which are considered unethical. You are required to propose an ethical and sustainable solution to the problems which underpin this global sustainability issue. This proposed solution should address causes of unsustainability, as well as financial, technological and behavioral barriers to removing these causes of unsustainability
The problems that pertain to the sustainable issue of economic growth are like the inflation rates, corruption, terrorism, self-interests and environmental degradation that all relate to unethical issues that hinder global sustainability. Other problems may include, traditional technologies, low motivated employees and limited finance to finance the economic activities budgeted for by organizations. Solutions have to be synthesized so that the objective of global sustainability is achieved at the end. The first solution will be to ensure that there are laws that are formulated and implemented that will strictly regulate companies or organizations that are directly or indirectly associated with the pollution of the environment (Crane, A. and Matten, D. , , 2016., p.22). Such laws may be imposed by heavily taxing such companies so as to discourage them from emitting the pollutants.
The other solution would be to encourage countries to join trading blocks that will make its members qualify for finance for IMF and the World Bank (Andre, C. and Velasquez, M., , 2014, p.37).The technological advancement can be employed in the organization through the insisting of research and development and the availability of adequate resources that will enable organizations to cater for their technological needs.
The behavioral aspects of the issue will be best dealt with through the employability of mechanisms that will motivate the workers through the granting of promotions in a fair manner, good working conditions and decent salaries. On the issue of corruption, it would be best if those that were involved would be punished in the court of law or through the adherence to the policies of the organization (Rios, M.C., McConnell, C.R. and Brue, S.L., 2013, p.45). The issue of corruption can also be discouraged through the implementation of systems that can detect irregularities say in the reporting of financial statements so that the integrity problems can be identified in time to reduce the magnitude of the risks.
The inflation rates can be controlled through the use of the monetary or the fiscal policies that will either expand or contract the economy depending on what is best given the present conditions. Because the inflation rates can be accelerated by unethical practices such as hoarding and insider trading, then it is important for the government to monitor the prices of the commodities and detect any instance that shortages may have been caused by few individuals with selfish interest rates. Employees should be trained on the essence of adhering to the ethical standards so that together, the world can achieve economic growth and social inclusion.
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