We live in a world in which 13 of the top 50 economies are companies, not countries. How does this change the responsibility companies have for providing for social needs and addressing big-ticket challenges of the future?
Companies that are the top economies always play a huge role in the provision of social needs. Given that such companies are increasingly surpassing their countries in GDP, people are likely look up to these companies to solve the world’s social and economic problems (Nudelman and Erik 28). However, these companies will need to work together with governments in order to enhance good governance, especially when exploring emerging markets, such as the developing world.
How can companies ensure their own future prosperity by beginning to engage looming issues of concern—from energy needs to public health to income inequity?
People are increasingly pegging their trust for companies on the ones that carry out corporate support for social causes. This implies that companies have a bigger effect on social good than any other institutions or charitable organizations and they can exploit this strength and opportunity to ensure their own future prosperity (Nudelman and Erik 28). The companies can therefore apply their immense resources, expertise, and management talents to challenges they comprehend and in areas they have a stake.
Is the proliferation of nongovernmental organizations the result of incapacity on the part of governments? Or, are NGOs an innovation in human social organization and an important step forward for addressing global and local challenges?
The proliferation of NGOs is due to governments’ incapacity to address the social and economic challenges facing people around the world. The NGOs are very significant actors because they have filled in the gaps in the provision of social services, encouraged people to participate in local and national politics, and connected them to rich resources and ideas around the world (Nelson 8).
How can NGOs and governments work together to complement one another? How should the private sector involve itself in such coalitions?
The NGOs can develop collaborative strategies to work together with the governments in order to double their efforts because they are all focused on the same goal of improving the living standards of people (Nelson 8). They can take joint efforts aimed at solving social, economic, and environmental challenges or putting up initiatives to meet public needs that are beyond the competency or resources of the government alone. The private sector can mobilize its resources and engage in community development initiatives for which the government resources for the NGOs may not be sufficient when acting alone (Nelson 2).
Nelson, Jane. “The operation of non-governmental organizations (NGOs) in a world of corporate and other codes of conduct.” Corporate Social Responsibility Initiative, 2007.
Nelson, Jane. “The Public Role of Private Enterprise.” School of Government, Harvard University, 2004.
Nudelman, Felice, and Erik R. Peterson. “Seven Revolutions: Scanning the World Out to 2025.”