Is the business as an agent of world benefit (BAWB) an academic fad or a change in business principles? Why?

Business as an Agent of World Benefit (BAWB), a concept that is relatively new in business and aims to integrate social and environmental issues into everyday practice, has gained traction over the past few years. It is an idea that has grown in popularity in recent years. While some consider it a passing academic trend, others claim it to be a paradigm shift for how business is conducted. Although it is hard to say for sure, there are some factors that suggest BAWB might be more lasting than a passing trend.

The concept was adopted first by large corporations like Microsoft and Unilever, who committed themselves to sustainable initiatives or made donations of billions for global causes. It is clear that private as well as government organizations are embracing BAWB principles and have recognized its value. There is also an increase in research on the topic, which indicates that academics take it seriously, and explore its possible applications in different economic contexts. (Lee, et. al.,2020).

Additionally, consumer trends have shifted markedly over the past few decades with many customers now favoring companies with a good social reputation or those associated with ethical practices (Friedman & Miles, 2020). The fact that customers are willing to spend their money in this way suggests they know the value of what they have. This makes them more likely than ever to be supportive of organizations that work to better society and protect our natural resources.

Finally, BAWB has also been endorsed by prominent industry figures such as Bill Gates who recently commented “We can’t afford for companies not to innovate around these issues if we want our economy—here at home and around the world—to prosper” (Gates Foundation, 2021). The statements above confirm its importance in modern corporate culture.

In conclusion, while BAWB may be considered by some as only an academic fad because of its recent appearance, evidence from the private and public sectors in various industries combined with positive consumer feedback suggests that it will likely mark a change to current business principals moving forward.