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Social Market Enterprises
Becchetti, Leonardo
Becchetti, Leonardo
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Abstract
The emergence of social market enterprises (fair trade importers and retailers, and microfinance institutions) calls for a broadening of our conception of firms that not only strive for profit maximization but also pursue social goals and economic agents (not just driven by “myopic self interest” but also by “enlightened” self-interest, which includes sympathy, commitment, and intrinsic motivation). Social market enterprises are proving to be quite efficient in promoting inclusion of the poorest in globally integrated economies. Beyond their obvious limitations, what seems to be most important is their capacity for being contagious and for giving the market a new role in redressing social imbalances, thanks to consumers’ portfolio votes. Since the social responsibility of social market enterprises includes consumers as target stakeholders, they achieve the joint goal of promoting product quality and safety rights for themselves, as well as those of the most marginalized stakeholders. Keywords: corporate social responsibility, social enterprises, fairtrade, microfinance
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2008
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With permission of the license/copyright holder