Author Akanksha Sharma.
Our mere dependence on public welfare systems has not yet put an end to the plight of the people. It means that something has to change. The appropriation of the discourse on inequality by existing socio-economic contributors has in a way translated into measures of negotiation of power. But the locus must be brought back to development, not only in our speeches, arguments and social media posts, but also in our structural strengths to fight poverty and income inequality.
In some ways, the institutionalization of sustainable development to achieve equality has brought interesting perspectives. In the process, there are obviously conflicting objectives and conflicting development paths, calling for negotiation not only of resources, power, priorities but also objectives. Environmental, social and governance (ESG) driven innovations in the financial sector promise limitless possibilities and great social returns. We need a grassroots economy, driven by innovations dismantling the age-old narrative that invests in social and environmental causes as a charity, not a business. We need more solid means to develop optimism in sustainable innovations for futuristic capitalism.
Thinking about inequality, our central normative ideas revolve around poverty instead of social justice driven by innovation to reduce discrimination. Functionally, we need to explore even better to generate impact through our socio-economic models of capitalism. Also, the social sector, which is the playing field of these policies and these resources, is still a scattered and dispersed space and constitutes multiple variables, actors and parameters. In addition, most of the rudiments of the social sector tend to be placed outside the confines of the enterprise and the market economy, thus lacking both structure and resources. For this reason, reaching scale and generating impact is a major challenge for the industry.
We need a grassroots economy, driven by innovations dismantling the age-old narrative that invests in social and environmental causes as charity, not commercial
Social scholarships (SSE) can be one of these centrioles of sealing the social sector. Social organizations are generally funded by grants from philanthropy, corporate social responsibility, government aid, or multilateral organizations. ESSs allowing nonprofit associations to be listed on the stock exchange will be a big step forward in providing social organizations with more resources. But we need a lot of innovations of this type combined with coherent actions.
Perhaps none of these vehicles are foolproof, celebrating the idea of a “better world”. Maybe there isn’t. But these alternatives go beyond our pessimistic visions of a shared future and give us reasons to maintain the faith — the faith to confront our disillusionment with the truth and look at it in an alternative way for the greater common good.
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