Proceedings of 4th Global Business and Finance Research Conference
25 - 27 May 2015, Marriott Hotel, Melbourne, Australia
ISBN: 978-1-922069-76-4
Can Incorporating Sustainable Development Principles in the
Economic Planning Process Revive Global Economic
Growth?
Ravi Parameswaran and Krishna Parameswaran
The 1987 World Commission on Environment and Development report “Our Common
Future,” also called the Brundltland Commission Report defines sustainable development
as “development that meets the needs of the present without compromising the ability of
future generations to meet their own needs.” Inherent in the definition is the notion of an
inter-generational compact, as well of an inter-generational and intra-generational equity
with regard to current and future needs. The other basic notion is that the state of
technological development and organization of society has a bearing on the environment’s
ability to meet the needs of current and future generations. Although globalization has
brought with it economic development of both developed and developing economies, there
are many areas and peoples around the globe for whom the benefits of development are
yet to be realized. More than 1.3 billion people do not have access to electricity, 2.6 billion
people do not have adequate sanitation and 900 million people do not have access to safe
drinking water. This paper examines the underlying paradoxes between globalization and
sustainable development as they relate to both developed and developing economies with
a view to hopefully arrive at a rationalization of the two concepts thereby leading to
systems’ outcomes where the whole is greater than the sum of the parts. The hope is that
the incorporation of sustainable development principles into the economic planning
process can spur economic growth to achieve developmental needs of the world’s poor.
This effort at harmonization is illustrated through examples of implementation of
sustainable development principles in the fields of mining, renewable energy and solid
waste utilization. The lessons learned are discussed and a possible roadmap for the future
is presented.
Key words: Globalization, Sustainability, Reviving Global Economic Growth, Innovative
Technologies, Mining and Renewable Energy
Track: Management and Economics (Sustainable Development)
_________________________
Dr. Ravi Parameswaran, Department of Management and Marketing, School of Business Administration,
Oakland University, USA, E-mail: paramesw@oakland.edu
Dr. Krishna Parameswaran, tfgMM Strategic Consulting, Scottsdale, Arizona 85262, USA, E-mail:
kparameswaran0346@gmail.com