The Elfenworks Center for the Study of Fiduciary Capitalism
Overview
Corporate Governance, Fiduciary Capitalism and Universal Owners
Economic Externalities
Norm Shifts
Sustainable Economic and Social Development
Fiduciary Responsibility and Sustainability
Sustainable Economic and Social Development
This formulation of externality and norm shift monitoring is closely linked to the widespread idea of sustainable economic and social development. The United Nations’ Brundtland Report published in 1987 defines sustainable development as the ability to maintain current levels of economic development without compromising future generations, specifically paying attention to equitable economic development, to social cohesion and respect to the physical environment in the long-term. The Commission sees the "possibility for a new era of economic growth, one that must be based on policies that sustain and expand the environmental resource base. And we believe such growth to be absolutely essential to relieve...[global] poverty…" Growth will come through better management of technology and social organization and by focusing on the interconnectedness of economic and environmental changes. Sustainable development implies that there are limits on environmental resources and the ability of the biosphere to absorb human activities. These limits have roots in technological inadequacies and inequitable social organization and poverty is seen as a major cause as well as effect of environmental degradation. The solution lies in economic growth that is equitable and environmentally sustainable. This change will rely upon informed public participation and the political will to change.
