Abstract

Researchers academicians social scientists policy makers executives and state leaders realize that classical economics profit-maximizing corporations and traditional businesses are unwilling or unable to altruistically strive for public wellbeing in fulfilling the needs of society Profitmaximizing capitalism destroys humanity and the harmony of society Corporations are harmful to the environment it has created poverty unemployment malnutrition inequality injustice and abnormality in the community Hence many economists policy makers executives academicians and state leaders comprehend that business policies should be adapted to enhance public wellbeing They think that the sociology of economics and of business as well as political economy are missing in profit-maximizing business capitalism Therefore many thinkers believe it is necessary to include social objectives alongside profit-maximization to establish more altruistic businesses with practices that promote rather than hinder public wellbeing