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Creating Social Value in Societies
Abstract
This chapter critically examines social value creation in societies focusing on the “shared value” theory and stakeholders' “collective responsibility” hinged on social responsibility. The social value creation process is reviewed from the social entrepreneurship perspective considering the essential business/social inputs required to create social value for the business and the host society. The United Kingdom (UK) is used as a case study, depicting factors shaping the business environment. Other current meaningful developments, which include the Social Value Act 2012 that promotes social value creation in the country, are discussed. An analysis of the UK model of social value creation and why it will be difficult to implement in developing countries is also provided. Constraints such as poor infrastructure, corruption and other limiting factors are considered. Finally, social value creation is a sustainable process and every stakeholder benefits from its outcomes.
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