Socio-Economic Development----->Does it exist?

Socio-Economic DevelopmentàDoes it exist?

This week threw me for a loop, as a law student business and numbers, different funds and development phases put me into an instant trans! However the SAWIP management team introduce to a Socio Economic and Sustainabilty program this week where a 2 hour conversation was not sufficient for the amount of questions we had!

The panel discussions this week taught me what Socio-Economic development was. As a humanitarian and social justice believer, my belief is that corporations are profit driven and contribute very little to the social wellbeing of the society they feed off! I was set in my ways and the idea working for a corporation would invoke suicidal thoughts! The passion I shared for Non-profits and Non-Governmental organisations, made me very sceptical to the idea of Socio economic developments, however a very inspiring women enlighten me to the possibility and potential corporations have to contributing for the good of society.

This inspiring women, is called Sandra Taylor. She is strong, qualified and well-spoken women, and the passion she has for socio economics development kept me captured the entire 2 hours we spent with her! After our interaction with her, I was confused on what socio economic development was.

In a nutshell and in laymen’s terms, it’s a new trend and endeavour of enterprises to ensure making profits to sustain the business but to do so in a socially aware and developmental manner. This is done through ensuring that the company is fully aware of their company’s policies and how this affects society.

It’s a hybrid of social justice and the company system and goals. A perfect blend of ensuring the business grows and the economy strives. Many companies are jumping on the socio economic band wagon, with regards to the environment, workers welfare and the impact they are making on society. As many countries depend on good governance to ensure economic growth; Social Economic development in big corporate companies are most likely to secure economic and social growth through mutually-reinforcing institutions and practices that support social awareness and analysing their social impacts , these institutions and practices must be the end-product of a healthy profit driven and socially conscious company or business.

However this is a relatively new term, and whether companies will continue promoting both healthy profit driven schemes and their responsibility to society must still be seen. The corporate machine is growing and with poverty and inequality rising in various parts of the world, I hope more companies adopt a socio economic development policy and that it grows into a mandatory part of their business plan.  I was pleasantly surprised to learn and research this topic, it was indeed a thought provoking week!