The Role of the Business in the Provision of Sustainable Socio-Economic Development

Abstract

In the article, the role of business in ensuring sustainable social and economic development and the idea of the concept of corporate social responsibility in large companies are analyzed not only by standard commercial and financial indicators. The broader request of the public and its potential sustainability, as well as compliance with business development, has been studied. The possibility of solving the problems of sustainable development of society in the context of contradictions between the tasks of economic, ecological and social development has been studied. The importance of developing a more progressive theory of development and existing opportunities for using the concept of corporate social responsibility to address the social and economic problems of the regions was underscored. In the article the current status of the concept of corporate social responsibility and ways of its adaptation to the conditions of the Republic of Azerbaijan are considered. In the existing political and economic pressure condition the importance of ensuring the state security and mainly the security in the economic field increases day by day in Azerbaijan Republic. Given the fact that economic security is the large-scale concept based on some principles (developed socio-economic system, ensuring the sustainability of the national economy etc.) we can observe that several internal and external factors highly affecting on the economic security of a state. From this perspective the role of business for ensuring the economic security and sustainable socio-economic development is that it facilitates the influence of the firm and companies on development of socio-economic development and the stability of the national economy. Business activity of the firm and companies on sustainable socio-economic development is important on the development of the state’s economic system and maintaining of the employment of people, meeting the needs of people by goods (services, jobs), taking part in creating a competitive environment and forming the existing budgets are important subjects and they have been discussed in this paper. In this paper approaches analysis of the author for business concept on ensuring of socio-economic development are introduced, the important role of the business for socio-economic development is described, socio-economic development dynamics of the business is researched, and problems of business experienced on this way are investigated.