Overview

Originally, capitalism was characterised by the presence of small businesses in the markets. These were distinguished by the fact that ownership, management and control were all concentrated in the hands of a single individual. However, as their activities expanded, they were compelled to seek external capital to finance their projects. This led to a separation of the functions of ownership and management. This separation gave rise to conflicts of interest, with shareholders seeking to maximise returns on their investments and managers aiming to maximise their personal profits by exploiting their position as holders of information. Sustainable development applied at the corporate level represents a shift from a macroeconomic to a microeconomic perspective; it is thus reflected in companies' commitment through the concept of corporate social responsibility (CSR).

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9786630029345

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