The concept of creating shared value and sustainable development: perspective after the COVID-19 crisis

Tošović-Stevanović, Aleksandra (2022) The concept of creating shared value and sustainable development: perspective after the COVID-19 crisis. In: International Conference on Theoretical and Applied Economic Practices ”Economic growth in coditions of globalization“. National institute for economic research, Moldova, pp. 225-231. ISBN 978-9975-3529-5-6

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Abstract

The concept of creating shared value describes the first step towards a new form of economy that includes all factors in a community and indicates the synergy of a company, its employees and clients, and the society. The goal is that a corporate policy and business practices besides improving the company’s competitive advantage and its profitability also improve the social and economic living conditions in the community in which the company operates. Therefore, sustainable development is presented as one of the key factors for economic growth and economic development. Sustainable development seeks to propagate industrial production and consumption globally, and, at the same time, halt the process of environmental degradation. In the 21st century, awareness of the role and importance of investing in sustainable development is widely present in a large number of countries; however, during the pandemic crisis many international institutions (UNCTAD, WEF, WB) within their analyses and recommendations highlighted sustainable development as one of the basic priorities for faster recovery after the crisis and a long-term plan to improve the environment.

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