Economic social and environmental and all the three

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economic, social and environmental, and all the three have to be ful- fi lled (Rankin 2014 ). Figure 1 is the re fl ection of a sustainable system ful fi lling all these three pillars into the core concept of sustainability (Harris 2000 ). It is a great challenge to manage all the three issues together for today s man- agers (CSR managers). It is highly important and need of the hour for companies to understand that they are not detached, rather they are part of a actuality that demands the management of scarce resources and as well as the concern for social issues (Savitz and Weber 2006 ). 2 Environmental Sustainability Environmental sustainability can simply be de fi ned as the ability to maintain things or qualities that are valued in the physical environment , where the physical environment includes the natural and biological environments (Sutton 2004 ). Environmental sustainability requires maintaining natural capital as both a Economically Sustainable System Environmentally Sustainable System Socially Sustainable System • Produce goods and services on a conitnuous basis • Maintenance of stable resource base • Able to acheive distribiu Ɵ onal equity and dequate provision of social services Fig. 1 Sustainable system ( Source Designed by Author from the reference Harris 2000 ) Introduction 3
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provider of economic inputs called sources and an absorber called sinks of economic outputs called wastes (Daly 1973 , 1974 ; World Bank 1986 ; Serageldin 1993 ; Pearce and Redclift 1988 ; Pearce et al. 1990a , b ). Environmental sustainability refers to ecosystem integrity, carrying capacity and biodiversity. It demands that natural capital be preserved to be a foundation of economic inputs and as a sink for wastes. Resources need to be harvested no faster than they can be regenerated. Wastes must be emitted no faster than they can be digested by the environment (Kahn 1995 ). When it comes to embedding environ- mental sustainability into a sustainable system, such system must be able: To maintain a stable resource base; To avoid over-exploitation of renewable resource systems (or environmental sink functions); To evade the depletion of non-renewable resources to the possible extent; To deplete non-renewable resources only to the extent that investment is made in adequate substitutes (necessarily includes maintenance of biodiversity, atmospheric stability and other ecosystem functions not ordinarily classed as economic resources) (Harris 2003 ). 3 Economic Sustainability Economic sustainability refers to a system of production that satis fi es present consumption levels without compromising future needs (Kahn 1995 ). On a system level, an economically sustainable system must be able to produce goods and services on a continuing basis, to maintain manageable levels of government and external debt and to avoid extreme sectoral imbalances which damage agricultural or industrial production (Harris 2003 ).
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