The concept of a sustainable development as a new philosophy of the XXIst century business management

Abstract

This article is devoted to the ‘The concept of a sustainable development as a new philosophy of the XXIst century business management’. The aim of the article, based on a theoretical analysis, is to present the idea of sustainable development in the practice of contemporary business functioning. The core issue of the sustainable development is shaping right proportions between the three types of capital: economic, social and environmental and at the same time providing permanent improvement of the quality of life of the contemporary and next generations. Thus the development means implementing such business strategy which fulfils the needs of the business and those interested in it as well as securing and strengthening the owned human and natural resources. The completion of this assumption requires introduction of a new management paradigm, which will be based on a concept of social responsibility of business and humanistic values in management.