Interrelationship of Business and Public Goods

Abstract

This Panel Symposium consists of researchers from different parts of the world who will make presentations discussing the interface between business and public goods and how a better articulation of this interface can benefit business and the public at large. The approach of this Symposium is business-oriented as it proposes new ideas on how to understand and manage the interrelation between market economies, social responsibility, and business ethics. First, the panelists will discuss the appropriation of “externalities&x201D; (i.e., the use of public goods, e.g., natural resources, social and tangible infrastructure and institutions - laws, rules, norms) by business but for which society at large must pay. Second, the panelists will question the consequences of current accounting practices arguing that companies are giving a wrong representation of their performance/value creation if their use of public goods is not included in the cost of producing goods and services. Third, the panelists will elaborate on the broader definition of capital in corporate reporting such as presently mounted through various international initiatives that include other non-traditional forms of capitals, e.g. natural capital and social capital. Finally, the panelists will discuss the benefit to companies and their return on capital by investing in public goods. This will be brought into a nexus with the meaning of sustainable development, which, in the end, is about maintaining and enhancing public goods. An open forum will follow to allow audience participation.