Social and ecological thought
With climate change, global warming, and social justice issues becoming prevalent in contemporary society, the need for significant and even radical change has become wellestablished (IPBES, 2019; IPCC, 2021; IPCC, 2019; UNEP & UNEP-CCC, 2020; WallaceWells, 2019). Businesses in particular are responsible for a significant amount of the social and ecological injustices affecting the world today. In fact, from an environmental perspective alone, the largest 1,200 corporations in the world produce more than $5 trillion USD of negative ecological externalities annually (Dyck & Manchanda, 2021; Juniper, 2018; Makower et al., 2020). Despite this, the traditional business-as-usual philosophy remains dominant in Western society (Fieldman, 2014; Van der Byl & Slawinski, 2015; Wright & Nyberg, 2017). While ESG and sustainability reports are becoming increasingly more common (Christensen et al., 2021; GRI, 2022; KPMG 2021; Schaltegger & Wagner, 2006), the vast majority of companies that maintain a profit-maximizing business philosophy are still missing the socio-environmental mark (Dyllick & Muff, 2016; Landrum, 2018; Upward & Jones, 2015). From a broader societal perspective, some scholars argue that market systems and economic structures should shift in order to welcome more integrated, holistic, and socioenvironmentally-focused narratives, rather than perpetuate individualistic, market-centric, profitmaximizing narratives (Korten, 2015; Lovins et al., 2018; Monbiot, 2016; Waddock, 2021a; Waddock, 2021b). Waddock (2021b) in particular, introduces an ecologizing framework that represents an integrated perspective that is centered on people and the planet. She contrasts this framework with the dominant economizing narrative that is associated with the neoliberal, business-as-usual approach.
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