ABSTRACT
Sustainable development has four inter-related dimensions: social, economic, environmental and institutional. These dimensions are only partly separate from one another. I define ‘sustainable’ development as that which is ‘socially justified and environmentally sound’. 1 The creation of an appropriate institutional framework is a necessary condition for the fulfilment of the criteria for sustainable development. This is an essential premise for the development and implementation of different regulatory mechanisms, and norms and rules for the behaviour of businesses, consumers and social groups.
