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Studies show that the world has been changing at alarming rate. Global warming is experienced, the number of the world inhabitants has increased, monetary systems endure shocks and the supply of water is strained. Organizations have realized the significance of sustaining the innovative green economy.
This implies that transformations in the customary modes of doing businesses have been made clear. The leading motorcar production corporations and venture financial institutions have detected that the state of entrepreneurial activities should be transformed.
It is reported that corporations must not just do businesses to generate profits, but the entire global economy should quickly adapt and be innovative in order to be green. This will enable societal morals, ecological stewardship and conventional monetary matters to merge and result into ethonomics.
This research paper discusses ethonomics, how the concept is related to corporate social responsibility as well as the implemented social responsibility and sustainability initiatives in different organizations.
Several ethonomics definitions have been proposed by scholars and organizations. Ethonomics is a word that was used to illustrate the intellectual procedures used to map value system. However, a magazine written by Fast Company (2009) gave a novel meaning of the phrase “ethonomics”.
In this magazine ethonomics means ethical economics. A report by Fast Company (2009) asserts that all companies and organizations claiming to be resourceful and sustainable ought to be responsible, transparent, offer appropriate commercial operation balance and should be well-organized in utilizing ordinary reserves and power.
This implies that ethonomics is a fusion of social responsibility, design and know-how or an ethical study of any given market.
According to Gray, Brown and Macanufo (2010), any definition that an individual prefers still describes ethonomics as concept that primarily entails ethics observed when doing business.
It is the application and learning of specialized revolution and organizations that decide to implement commercial activities which might yield positive end result.
It is an improved and friendly economic version that was invented just in time to rescue the universe from activities that lead to downgrading. Ethonomics incorporates stockholder commitment, micro-lending, fair business dealings, CSR and social entrepreneurship.
The aim of ethonomics is to offer mechanisms that can be used to resolve conflicts which emerge between different value systems.
Ethonomics versus corporate social responsibility
Corporate social responsibility (CSR) is the new ethonomics definition as various ethonomics organizations propose. The relationship between CSR and ethonomics is clearly shown through the description of economics.
For instance, any rule which governs material things in a market is what constitutes economics. In comparison to economics therefore, ethonomics entails rules which govern marketplace ethics (Steffen, 2011).
Economics matches various concepts and its equivalence to this description proves that ethonomics is a dominant, wide-ranging and an impending intellectual area of study.
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The impact of ethonomics has been shown by problematic incidences like pollution, global warming and disparities reported in the living standards. All these attributes are practiced under CSR.
The inflexibility of principled ethonomics issues appears in form of the growing disparities in modernization process. Hence, similar to what CSR fosters, ethonomics takes into consideration the economic linkages and the size of the community (Terra Choice, 2010).
That is, the lengths of the basic geographical supply chain and the actual societal links between individuals. Communities barely monitor what currently affects their surroundings and the mutual benefits they derive from economic, social and environmental resources.
Thus, CSR and ethonomics concepts emerged to help such communities to effectively and ethically manage the available resources.
Ethonomics which is similar to CSR sets up permissible systems intended to contain the mounting societal and economic problems.
According to Terra Choice (2010), CSR and ethonomics address two specific ethical issues in the global economy which require human responsibility. These include:
- Consumers: The ultimate aim of these two concepts is to incorporate the societal consumers in matters which relate to resource conservation, equitable distribution of resources and ethical governance issues.
- Business or corporations: CSR and ethonomics endeavor to have all businesses and corporations actively involved in regulatory decisions. This should however be accomplished via voluntary agreements provided the laws of interpretation and competition are modified to permit this to occur.
According Terra Choice (2010), from the above identified groupings, the planned resolutions intend to generate enhanced prospects which will guarantee collective measures.
Thus, the two concepts seek to redress the existing balance amid group competitions and collaborations in economic, environmental and social groups.
Social responsibility and sustainability initiatives
From the relationships that exist between the two concepts, it is true that the modern financial systems abruptly ended to pave way for ethical economics called ethonomics.
Through ethonomics concept unknown generations of innovators and entrepreneurs found in multinational corporations have established businesses considered to be suitable for entrepreneurial outcomes.
These groups implement various CRS initiatives to ensure that life during social, economic and political reforms have no any side effects.
The widely embraced social responsibility and sustainability initiatives include practicing social change through online society empowered investments, investing in energy sources, green information technology, sustainable farming and metropolitan revival (Gibbs & Soell, 2011).
Businesses that are revolutionary and sustainable are very efficient in the use of natural resources and alternative energy. Individuals and groups found in different corporations are accountable and obligated to be transparent in their business undertakings.
Fast Corporation is an example of various companies that foster ethonomics. This company trusts in its business prospects. Fast Corporation is not a winded cheer leader of any activity that downgrades and splash washes the environment (Fast Company, 2009).
This corporation puts a doubtful eye, monitors and reports both small and large corporations that fail to make the environment green.
The value economy has created arms and races for sustainability, performance and social responsibility. Currently, the performances of corporations and businesses are not merely judged by the created shareholders values and profitability levels.
Instead, when compared with the olden times, businesses and corporations’ accomplishments are determined and graded on the basis of multiple value creation levels. Workers, consumers and investors are compelled to put significance on non-fiscal performances.
The mainstream shop owners are currently opting to sell and buy fair trade in addition to organic products that are believed to comply with ethonomics decisions (Osterwalder & Pigneur, 2010).
Fortune five hundred corporations are implementing yearly CSR reports. This is because they think that they are astute companies that are meant to adhere to the mounting ethonomics market orders and demands.
The Biden-Obama government plans to spend $150.00 billion to encourage private sector corporations to set up, implement and manage renewable energy sources.
Motor corporations have constantly been compelled to design cars that are energy efficient (Steffen, 2011). These are the social responsibility and sustainability initiatives.
Ethonomics has set up supple modalities to accommodate various fluctuating principled value schemes. The concept share similar ideas with corporate social responsibility since it discusses issues relating to social responsibility and sustainability.
Ethonomics ensures that the global economy becomes innovative, greener and adapts very fast. Ethonomics as a concept necessitates that all corporations ought not to aim at just doing businesses to accumulate returns but they should instead set up initiatives that might enable them to quickly adapt and be innovative in order to become green.
This will enable societal morals, ecological stewardship and conventional monetary matters to merge and make the environment safer from incidences like global warming, environmental pollution and degrading.
Fast Company (2009). What is ethonomics? Web.
Gibbs, C. & Soell, N. (2011). Sense and sustainability study: Perspectives on corporate sustainability among consumers and fortune 1000 executives. Web.
Gray, J., Brown, S. & Macanufo, J. (2010). Game storming: A playbook for innovators, rule breakers, and change makers. Beijing, China: O’Reilly Publishers.
Osterwalder, A. & Pigneur, Y. (2010). Business model generation: A handbook for visionaries, game changers, and challengers. Hoboken, New Jersey: John Wiley & Sons.
Steffen, A. (2011). World changing: A user’s guide for the 21st century. New York, NY: Abrams Books.
Terra Choice (2010). Sins of green washing: Home and family edition. Web.