ABSTRACT
As we have highlighted throughout the textbook, the scope and meaning of ‘sustainability’ is wide ranging. Indeed, ever since Chapter 1 we have emphasised that sustainable development is a three-dimensional concept – encompassing economic, social and environmental strands. Giving each of these equal consideration in business transactions is challenging. Traditional economists emphasise that the prime responsibility of any business is to use its resources efficiently and make a profit. Hence it is not surprising to discover that corporate social responsibility is not particularly important when businessmen make decisions – or at least it has not been so far. Reading 7 reports on a detailed content analysis of the annual reports and mission statements of 300 construction-related companies listed on the New York Stock Exchange in 2006. The findings suggest that relatively few construction-related companies at the time – more than ten years ago – positively embraced the sustainability agenda. This prompts two questions: what kind of measures might a government adopt to encourage sustainable development, and is it best to allow the market to shape the decisions that individuals make relating to business, environmental and social interests.
