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Austerity should not be considered to be dead in the context of global recovery. Almost all the business firm follow ethics. Ethics teaches what is right and what is wrong. The board members of the Business firm has to concentrate more on Corporate Social Responsibility along with primary objective of earning profit. This will fulfill the needs of stakeholders. Austerity is the state of Self Actualization and moving away from worldly pleasures. If ethics and corporate governance is implemented properly into any business, even in the state of global recession or recovery, it can come out of its hard time and can sustain itself in the long run. Creating austere environment in the business and following it in ethical manner is most important step a firm needs to make.
The best example coming into mind while talking about ethics and CSR is TATA. Recession can affect TATA but not harshly, because of its ethics following practices and strong corporate governance. Even in recession time, TATA can contribute in welfare of society and depicts the austerity.
Thus austerity should not be dead in the context of global recovery because internal and external environments play vital role in affecting the business and the ethical behavior can benefit the firm during difficult time.
Firms can be benefited with improving inter-relations, building a new and healthy society, recognition at highest level.
Hence, it can be said austerity is not dead in context of global recovery.
(This entry is part of our FE MASTERMIND contest. The views expressed in this article are personal and not that of the newspaper.)