Reflections on Business Decision-Making: Time for a Paradigm Shift?

Abstract

Over the past few decades the pace of change in the business environment has been rapid, as the effects of electronic innovations and the acceptance of the globalisation mind-set have occurred. Communism has collapsed and the power of corporations has grown in the global community that has developed. It has become imperative that business decision-makers become aware that their decisions may limit the choices of future generations by irretrievably destroying the currently existing physical and social environment. Decision-making in today's business environment will have a profound affect on human well-being in general and specifically on the breadth of options that are provided to the business decision-makers of tomorrow. Against this background it is argued that senior managers should adopt a new paradigm through which to view the world and assess the import of their decisions. Managers need to consider the effects of their decisions not only on the economy but also on the environment and the social world, which the economy is meant to serve. Managers must ensure their ways of doing business are sustainable.