Sustainable Development: A Global Challenge

Paper Summary:

In a globalized environment where the notion of sovereign states is increasingly breaking down, MNCs have emerged as the dominant global power. This paper is based on the hypothesis that individual states' measures are inadequate resources to correctly regulate international business. In addition, it seems that international binding measures are impossible, as there is no central authority with the legal power of enacting such regulations. Finally, this paper shows that MNCs are a key part of globalization and, therefore, should have both the means and the influence to transform sustainable development from a lofty platitude to meaningful implementation. The paper presents a case study of initiatives and measures that seek to develop the contribution of MNCs to international social and environmental issues and to development policies and actions.

Table of Contents:
Introduction
Need for Change
State Sovereignty
Sustainable Development
Challenges for Businesses
The Role of MNCs in Sustainable Development
The Global Compact
Initiatives outside the Global Compact
What is International Sustainable Development Law (ISDL)?
International Environmental Law and Its Impact on Australia
Conclusion
Bibliography

From the Paper:

"Globalization is a powerful force that can create growth and opportunities (Kilgour, 2001). It has opened markets and connected economies and cultures. In empowering individuals and groups in unprecedented ways, it has also resulted in demands for greater attention to be paid to issues like human rights, environmental protection and labor standards - the issues that form the heart of the corporate social responsibility (CSR) agenda."

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