New Horizons in International Business series
Edited by John R. McIntyre, Silvester Ivanaj, Vera Ivanaj and Rabi N. Kar
Chapter 8: Sustainable development through consumer well-being and life satisfaction: preliminary findings and strategy implications from study in India
The last three decades have witnessed an increasing concern for environmentalism and sustainability. Witnessing a rapid depletion of natural resources and irreparable damage caused to the environment as a result of the quest for highly growth-oriented economic policies, policy-makers and businesses have begun to realize that future growth and development will not be sustainable unless attempts are made to make judicious use of natural resources and preserve the environment for future generations. In contrast to pursuit of an unrestrained growth strategy, sustainable development has gained considerable recognition as an alternative developmental paradigm. Sustainable development calls for meeting the needs of the current generation without jeopardizing the rights and interests of future generations. Although the concept of sustainable development is based on the twin objectives of meeting the needs of the current generation and at the same time protecting the interests and rights of future ones, it is the latter objective that has largely been the focus of deliberations among the policymakers, businesses and researchers in the past. Pursuit of the first objective, that is, meeting the needs of the current generation, has become somewhat relegated to the level of a secondary issue.
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