The emerging new economy presents both opportunities and challenges. Some of the key challenges facing advanced western economies include increased income inequality, wage stagnation, a polarization of jobs and earnings and increased precarious employment. The paradox of the new economy is that, while it has disrupted our traditional business and economic practices and, in so doing, has left workers and communities in greater degrees of precariousness, this new economy is also spawning innovative new approaches to business that provide a light at the end of the tunnel. This includes new types of “social purpose” businesses and organizations such as social enterprises. At the same time, new types of inclusive businesses practices are emerging that generate social value through their normal business operations. This can include both internal practices such as living wage policies or external practices such as social procurement. This report provides an overview of these emerging business forms and practices and their associated impacts.
Despite the growing knowledge about the business and social benefits, adoption of such practices remains low. We invite you to read and reflect on this report and consider the following questions:
What are the barriers or enablers that would prevent or support greater adoption of inclusive business practices?
What are the barriers or enablers that would prevent or support greater collaboration among stakeholders and organizations committed to growing the new economy?
We look forward to your thoughts and anticipate a lively discussion.